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ABU DHABI, 4th June, 2023 (WAM) -- The Ministry of Economy, represented by the Department of Anti-Money Laundering, organised two workshops, in Arabic and English, to promote the awareness of traders and business owners in the gold and precious stones sector on the reporting of suspicious transactions to ensure the quality of these products when presented to the Financial Intelligence Unit (FIU).This contributes to enhancing the competitiveness of the gold sector and its further development in line with international best practices.The workshops addressed specific topics,...

 In the first quarter of 2023, the Ministry of Economy imposed fines worth AED 65.9 million on 137 companies operating in the UAE’s designated non-financial business or professions (DNFBP) sector following an inspection of 840 companies for failing to com

Inspections were conducted on designated non-financial business or professions sector companies, including real estate agents, precious metals, gemstone dealers

ABU DHABI, 31st May, 2023 (WAM) -- In the first quarter of 2023, the Ministry of Economy imposed fines worth AED 65.9 million on 137 companies operating in the UAE’s designated non-financial business or professions (DNFBP) sector following an inspection of 840 companies for failing to comply with the anti-money laundering and combating the financing of terrorism (AML/CFT) legislation. The initiative falls in line with the Ministry’s efforts to ensure the sector’s full compliance with the provisions stipulated by Federal Decree-Law No. 20 of 2018...

It follows an inspection of 840 companies for failing to comply with the anti-money laundering and combating the financing of terrorism (AML/CFT) legislation.