New AML steps to ensure strict compliance issacjohn@khaleejtimes.com Filed on March 3, 2021
The list includes 26 types of violations and stipulated fines that range from Dh50,000 to up to Dh1 million, which could be doubled up to Dh5 million in certain cases. File photo
The Ministry of Economy announced the extension of the grace period for registration in its systems to combat money laundering until March 31, 2021, and warned that companies that fail to register would be subject to penalties including suspension of licences and closure
The new initiatives announced by the UAE, which are in line with the government’s ongoing efforts to combat money laundering crimes, will help ensure strict compliance with the anti-money laundering law (AML) and enhance the economy’s ability to achieve sustainable growth, the Ministry of Economy said.
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 said they must register on the Financial Intelligence Unit (goAML) and on the Committee for Commodities Subject to Import and Export Control system (Automatic Reporting System for Sanctions Lists) by March 31.
Following their registration, they are advised to adopt other measures related to the two systems in accordance with the provisions of the Decree-Law and implementing the regulations.
UAE’s Ministry of Economy unveils list of violations, fines for money laundering
The issuance of the violations and fines list supports the UAE’s efforts in combating money laundering crimes and financing of terrorism
by Zainab Mansoor
March 3, 2021
The Ministry of Economy (MoE) has issued a list of 26 violations, in line with the cabinet resolution No. (16) of 2021 regarding the unified list of violations and administrative fines for the said violations of measures to combat money laundering and terrorism financing.
The violations relate to the activities of the business sector and the Designated Non-Financial Businesses and Professions (DNFBPs) that the ministry supervises, with regard to combating money laundering and terrorism financing, according to the provisions of Federal Decree-Law No. 20 of 2018 on countering money laundering crimes, combating the financing of terrorism and illegal organisations, and its implementing regulations and relevant decisions.
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.
The role of Designated Non-financial Businesses and Professionals in fighting money laundering, financing of terrorism khaleejtimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from khaleejtimes.com Daily Mail and Mail on Sunday newspapers.