UAE Economy Ministry tells gold refineries in country to prove gold is responsibly sourced

The United Arab Emirates’ Economy Ministry has asked all gold refineries across the country to carry out audits that prove bullion deliveries are responsibly sourced, as per a report in Bloomberg Quint.
The auditing process will follow the Organization for Economic Co-operation and Development’s guidelines and will become mandatory for all refiners starting February 2022.
The move comes in the wake of accusations made against the UAE that it allows smuggled bullion from conflict zones to be flown into the country. Switzerland told its refineries to tighten up audits on imports from the Emirates in October to make sure illicit African gold isn’t involved.
Though the UAE government and Dubai’s commodities exchange have consistently rejected such claims, some of the criticism may be quelled through the introduction of refinery inspections. The London Bullion Market Association last year threatened to blacklist countries that didn’t meet its standards on responsible sourcing.
The ministry’s anti-money-laundering department has carried out some audits in the fourth quarter of 2021 that follow different criteria.
The UAE’s nationwide Good Delivery Standard will also start operating in February. The voluntary certification scheme will require its members -- both in and outside of the UAE -- to ‘adopt OECD guidelines about the responsible sourcing of gold,’ according to the statement.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished