Connect with us

Business Insights

Global Effort to Curb Illicit Gold Trade: DMCC and WGC Collaborate

Customs agents are stepping up their attempts to intercept passengers attempting to transfer unauthorised sums of gold in their hand luggage.

Customs officials are intensifying efforts to intercept passengers attempting to transport unauthorized quantities of gold in their hand baggage. 

A worldwide initiative led by the Dubai Multi Commodities Centre (DMCC) and the World Gold Council aims to standardize international regulations and procedures, addressing the challenge of illicit gold trade through hand-carry methods.

DMCC and World Gold Council Collaborate for Standardization:

The DMCC and the World Gold Council have joined forces to combat illicit gold trade, bridging the gap in responsible sourcing and trade of gold. 

This collaboration seeks to establish international regulations that permit travelers worldwide, including those from the UAE, India, China, Pakistan, Europe, and the Americas, to carry a defined amount or value of gold in their hand luggage.

Addressing the Challenge of Illicit Hand-Carry Gold Trade:

Andrew Naylor, Head of Middle East and Public Policy at the World Gold Council, emphasized the need for stricter measures on hand-carry gold, citing the large amounts transported across borders that lack transparency. 

The collaboration aims to combat illicit trade and ensure responsible sourcing of gold, with a focus on preventing gold from being used for illegal purposes.

Positive Industry Reforms:

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, praised the initiative as a demonstration of Dubai and the UAE’s commitment to enacting positive industry reforms. 

The collaboration aims to significantly impact legitimate gold mining communities globally, addressing both the legal and illegal aspects of the hand-carried gold trade.

Research and Global Stakeholder Discussions:

The World Gold Council and DMCC will conduct comprehensive research and engage in discussions with stakeholders worldwide. 

The focus will be on defining acceptable personal limits, establishing standardized customs declarations, and implementing digital tracking processes. 

Once agreed upon, these recommendations will be transformed into laws and globally implemented to combat the illicit gold trade.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *