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Ministry of Economy affirms UAE’s continuing efforts to enhance compliance

The Ministry of Economy (MoE) held an extensive media briefing on the system for combating money laundering and more.

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This was announced as the ministry held an extensive media briefing on the system for combating money laundering.

The UAE has rolled out an AML drive to ensure a compliance rate of 70 per cent of the registration requirement.

Ministry of Economy issues 8 violations of AED1.35 million against gold trading businesses Sun 23rd May 2021 | 09:15 PM ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 23rd May, 2021) The Ministry of Economy (MoE) is conducting an extensive inspection campaign targeting establishments belonging to the Designated Non-Financial Businesses and Professions (DNFBPs) sector to ensure their compliance with the regulations approved for countering money laundering and combating financing of terror...

Extended grace period for registration ends on April 30, 2021

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 peri...

Dubai: Businesses registered as real estate brokers, auditors and consultants are coming under inspection by the UAE Ministry of Economy for their compliance with anti-money laundering and combating terrorism financing regulations. This applies to those professions marked under the ‘Designated Non-Financial Business and Provisions’ category. These establishments are required to register in the government regulations approved for countering money laundering and combating the financing of ter...

SHARE The UAEs Ministry of Economy began inspections of Designated Non-Financial Businesses and Professions (DNFBPs) to ensure they are following anti-money laundering and combating terrorism financing rules. Businesses including brokers, property agents, auditors, dealers of precious metals and gemstones, and corporate service providers such as company formation agents have been urged to register with the relevant anti-money laundering bodies before April 30 to avoid being fined, the ministry ...