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Up to Dh5 million fine for not complying AML rules

The UAE passed an anti-money laundering and terrorism financing law in 2018. The MoE will start enforcing penalties from May 1, 2021. The UAE’s Ministry of Economy has begun to implement inspection campaigns to ensure targeted firms’ compliance with the registration procedures in line with the anti-money laundering regulations seeking to curb illicit flow of funds and all forms of transnational financial crimes. The launch of the inspection activity coincides with the expiry of a grace period up to April 30 given to establishments belonging to the Designated Non-Financial Businesses and Professions (DNFBP) category to register in the goAML system and Automatic Reporting System for Sanctions List. The ministry said punitive measures for violating the regulations or failure to register in the systems will come into effect from May 1, 2021.

CBUAE appoints head of Financial Intelligence Unit

CBUAE appoints head of Financial Intelligence Unit an hour ago Picture used for illustrative purpose. The Governor of the Central Bank of the UAE (CBUAE) has appointed Ali Faisal Ba’Alawi as Head of the UAE Financial Intelligence Unit (FIU). This appointment represents the next step in the implementation of the UAE’s National AML/CFT Strategy and National Action Plan, the programme of reforms designed to strengthen the UAE’s anti-financial crime system following the establishment of the Executive Office to Combat Money Laundering and Terrorist Financing in February 2021. Ba’Alawi has been acting head of the FIU since March 2018 and brings more than ten years specialist experience to the role.

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