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 terrorism and illegal organisations.
DNFBP establishments were allowed three monthsâ time to register in the two systems and to put in place due diligence procedures that enable them to file suspicious activity reports, before the end of the grace period in the beginning of May.
Firms not complied to the UAE anti money laundering regulations to be penalized from tomorrow gulfnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulfnews.com Daily Mail and Mail on Sunday newspapers.
UAE: Not Complying to AML Rules Could Result In Dh5 Million Fine albawaba.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from albawaba.com Daily Mail and Mail on Sunday newspapers.
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.