UAE businesses that must register in anti-money laundering systems
Web Report/Dubai
(Wam file photo used for illustrative purpose)
The deadline for non-financial businesses is March 31; failure to register could result in closure.
The Ministry of Economy (MoE) has listed the businesses that need to register in the anti-money laundering systems before March 31.
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These include real estate agents, gold dealers, auditors, and service providers for companies.
Referred to as designated non-financial businesses and professions (DNFBPs), they have been asked to register in the Financial Intelligence Unit (goAML) and the Committee for Commodities Subject to Import and Export Control system (Automatic Reporting System for Sanctions Lists).
The UAE, which has strict laws to deal with money laundering and the financing of terrorism, has issued various regulations and adopted numerous measures to fight financial crimes.
The country launched a new agency to combat money launderers, entities and people suspected of financing terrorists and organised crime last month. The Executive Office of Anti-Money Laundering and Counter Terrorism Financing will be affiliated with the Ministry of Foreign Affairs and International Co-operation.
In November, the ministry of economy also set up an AML department to ensure all non-financial businesses and professionals comply with local laws. In addition, a court was established in Abu Dhabi to tackle money laundering and tax evasion cases.
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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