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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 s...

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.

Property brokers, gem wholesalers have until March 31 to be in full compliance

UAE: Full list of fines for money laundering, terror financing Web Report/Dubai Photo: Wam Fines range from Dh50,000 to Dh1 million for 26 violations The UAEs Ministry of Economy has announced the list of violations and fines for money laundering and terrorism financing. The minisry has issued a list of 26 penalties. Also read: Grace period extended The grace period for companies to register in two systems to combat money laundering has been extended till March 31. Companies that fail to regist...

Ministry of Economy extends the grace period for compliance until March 31

Monday, December 21, 2020 Virtual Currencies as Commodities In recent years, the U.S. Commodity Futures Trading Commission (CFTC or the Commission) has taken a role as one of the regulators of cryptocurrency in the United States. In this article, we review the CFTC’s regulatory and enforcement approach in this space. In December 2014, the CFTC stated that virtual currencies are encompassed under the definition of a “commodity” in the Commodity Exchange Act (CEA), and thus subjec...