CFT | Mines to Market

The Dubai Multi Commodity Centre (DMCC) and the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), the anti-terror financing body, will continue their support to tighter norms for hand carry gold by air. This issue came up for deliberations in a DMCC-led roundtable meeting which was attended by more than 50 government and private sector industry stakeholders. The discussion which lasted for over two hours, leaders from the aviation, security, commodities, mining, logistics, and jewellery industries, as well as government and law enforcement officials, shared their feedback on the challenges currently being thrown upon by hand-carry gold and their possible solutions that would help to raise industry standards on a global scale. “We cannot wait for major centers to solve this issue. It’s a global issue in which we are all involved, so we have to take these matters seriously and understand that the task ahead is not impossible. Let it be known that any resistance to positive industry reforms will not come from Dubai or the UAE and that any encountered will be flagged and investigated,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC. After illustrating the aviation industry’s worldwide ban on hand-carry bottled water, Mr. Bin Sulayem acknowledged that while a solution may not come immediately that reforms would be possible through the close collaboration of those who seek a higher standard of trading diligence. While the initial proposal had suggested a complete ban on hand-carry gold, stakeholders agreed that closer regulation and supervision would go a long way to solve the prevailing issues without impacting the UAE’s business-friendly environment nor excluding artisanal miners who might be priced out of the market. "DMCC’s roundtable not only consolidated the challenges that hand-carry gold poses, but also a wide range of solutions. As we continue to develop, and eventually implement our federal policies on gold, we look forward to working with DMCC and other industry leaders to provide a clear framework, which can eventually be extended to the international community,” reads a statement released by the Executive Office of the Director-General, Hamid Al-Zaabi. With a clear emphasis on improving transparency, traceability, and trajectory, DMCC will continue to work with industry stakeholders in the same way it worked closely with the Organisation for Economic Co-operation and Development (OECD), even before UAE was an OECD member-country, in adopting Responsible Sourcing into Dubai Good Delivery. DMCC has decided to lead several such meetings which will break down the key messages covered in the initial roundtable, after which it will formulate a clearer structure for an actionable strategy moving forward.

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