Legislative Decree of 10 December 2024, No. 21 introduces new rules to enhance transparency in the gold market, with traceability and declaration obligations.

What Does Legislative Decree 21/2024 Provide for the Gold Market?

The decree updates the definitions of “investment gold” and “gold material”, imposing declaration obligations for transactions exceeding €10,000. It also introduces a Register of professional operators managed by the OAM.

Which Transactions Must Be Declared to the UIF?

All gold transactions above €10,000 must be reported, including:

  • Those without physical delivery of the metal;
  • Cross-border transactions (e.g. imports/exports);
  • Those carried out by professional operators on behalf of third parties.

What Are the Deadlines for Declaration to the UIF?

  • Standard transactions: within the month following execution;
  • Cross-border transactions: before the crossing of the border.

Who Is Responsible for the Declaration?

Professional operators (e.g. traders, intermediaries), including those acting on behalf of clients. Failure to comply exposes them to administrative sanctions.

Are There Exceptions to the Declaration Obligation?

Yes: transactions already covered by EU anti-money laundering regulations (e.g. the Sixth AML Directive) do not require an additional report to the UIF.

What Is the Register of Professional Gold Operators?

Managed by the OAM (Organismo Agenti e Mediatori) from January 2025, it lists all entities authorised to operate in the sector. Registration is mandatory in order to carry out professional activities involving gold.

What Guidance Will the UIF Issue?

The Financial Intelligence Unit will publish detailed guidelines on:

  • Formats and methods for transmitting declarations;
  • Criteria for identifying suspicious transactions;
  • Coordination with existing European regulations.

Conclusion

Decree 21/2024 strengthens oversight of the gold market, combating money laundering and ensuring greater transparency.