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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. ALSO READ: 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 Int...

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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 businesse...

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 th...

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...