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.
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 UAE s 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.
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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 register will be subject to penalties, including suspension of licences and closure.
The firms must complete the post-registration procedures to avoid financial penalties. Fines range from Dh50,000 to Dh1 million and can be doubled to up to Dh5 million.