Abu Dhabi: The Ministry of Economy (MoE) called upon business sector and the Designated Non-Financial Businesses and Professions (DNFBPs) to expedite registration in the Financial Intelligence Unit (goAML) and the Committee for Commodities Subject to Import and Export Control system before March 31 to avoid penalties.
In addition to penalties, non-compliance could resultin the revocation of their non-compliant parties’ licenses and the closure of such facilities.
The initiative falls within the framework of the awareness campaign organized by the Ministry to encourage the registration of the target groups in the government systems adopted to combat money laundering and financing of terrorism in the UAE.
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File picture Tough penalties ranging from AED 50,000 to AED 5 million will be imposed by the UAE Ministry of Economy on the business sector to counter money laundering crimes and combat the financing of terrorism.
The violations apply to Designated Non-Financial Businesses and Professions (DNFBPs).
Brokers and real estate agents, precious metal and gemstone dealers, auditors, and corporate service providers will be under scrutiny.
The Ministry said they must register on the Financial Intelligence Unit (goAML) and on the Committee for Commodities Subject to Import and Export Control system (Automatic Reporting System for Sanctions Lists) by March 31.
Following their registration, they are advised to adopt other measures related to the two systems in accordance with the provisions of the Decree-Law and implementing the regulations.
UAE’s Ministry of Economy unveils list of violations, fines for money laundering
The issuance of the violations and fines list supports the UAE’s efforts in combating money laundering crimes and financing of terrorism
by Zainab Mansoor
March 3, 2021
The Ministry of Economy (MoE) has issued a list of 26 violations, in line with the cabinet resolution No. (16) of 2021 regarding the unified list of violations and administrative fines for the said violations of measures to combat money laundering and terrorism financing.
The violations relate to the activities of the business sector and the Designated Non-Financial Businesses and Professions (DNFBPs) that the ministry supervises, with regard to combating money laundering and terrorism financing, according to the provisions of Federal Decree-Law No. 20 of 2018 on countering money laundering crimes, combating the financing of terrorism and illegal organisations, and its implementing regulations and relevant decisions.
The Ministry called on the companies practicing such activities to enhance their awareness and knowledge on the risks of money laundering and keep pace with the government's efforts in this regard.