Organizations disregarding the principles could confront a Dh50,000 with Dh5 million punishment.

The UAE's Ministry of Economy on Thursday launched a new policy strategy for responsible sourcing of gold for shippers and refiners and violators could confront a punishment of up to Dh5 million.

The new guidelines for dependable obtaining of gold will apply to the organizations working in the field of gold refining, reusing of gold items inside and outside the country, and valuable metals, and gemstones exchange area, which is named as designated non-financial businesses and professions (DNFBPs). The new arrangement, which will become effective from January 2023, is as per the direction of the Organization for Economic Co-operation and Development (OECD) and its relating protocol for gold.

Under the new guidelines, organizations disregarding the principles could confront a Dh50,000 with Dh5 million punishment for not complying with the new standards. Violators could confront prison terms also.