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Standards of compliance founded on the OECD Due Diligence - Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas
Welcome to Our World
All regulation of the UAE’s gold industry is carried out at a federal level by the Ministry of Economy. The MoE has established a comprehensive set of regulations and policies to mitigate risks within the precious metals sector.
The Dubai Multi Commodities Centre (DMCC) provides a comprehensive ecosystem for precious metals businesses to grow their operations from Dubai. It does this by providing bespoke facilities and services, as well as dedicated business licences and office space.
Precious metals facilities and services in the DMCC include:
The DMCC Vault
A secure storage facility operated by Brink’s Global Services.
DMCC Tradeflow
An online platform to register possession and ownership of commodities stored in UAE-based facilities.
The Dubai Gold and Commodities Exchange
The largest derivatives exchange in the Middle East.
Conflict Zones
Trade and investment in natural mineral resources hold great potential for generating income, growth and prosperity, sustaining livelihoods and fostering local development. However, a large share of these resources is located in conflict-affected and high-risk areas. In these areas, exploitation of natural mineral resources is significant and may contribute, directly or indirectly, to armed conflict, gross human rights violations and hinder economic and social development.
The OECD Guidance
The OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas provides step-by-step management recommendations endorsed by governments for global responsible supply chains of minerals in order for companies to respect human rights and avoid contributing to conflict through their mineral or metal purchasing decisions and practices. The Due Diligence Guidance may be used by any company potentially sourcing minerals or metals from conflict-affected and high-risk areas, and is intended to cultivate transparent, conflict-free supply chains and sustainable corporate engagement in the minerals sector.
MoE Regulations
Due Diligence Regulations establish the measures adopted by the end refiners with regard to the responsible sourcing of gold. Adherence to this Regulation forms part of the AML/CFT requirements set out in the AML/CFT Legislation. This regulation complements the existing Customer Due Diligence (CDD) requirements in the gold sector and helps to reduce the overall compliance burden and audit fatigue on these entities.
The regulations consist of a set of policies and procedures to identify and mitigate risks in the process of importing gold from conflict -affected and high-risk areas, which follows the 5 steps frame work issued by OECD, as summarized below:
- Establishment of a strong company management system
- Identification and assessment of risk in the supply chain
- Designing and implementation of a strategy to respond to identified risks
- Carrying out independent third-party reviews of the refiner’s due diligence practices
- Periodic reporting