The UAE’s Ministry of Economy revealed on Monday that it has levied administrative fines totaling Dh76.9 million on 225 companies this year, enforcing strict adherence to anti-money laundering and anti-terror financing regulations.
Further tightening the noose, the ministry suspended 50 establishments for three months in the third quarter of 2023 due to their non-registration in the Financial Intelligence Unit’s anti-money laundering system, goAML. This platform is designed to collect and analyze suspicious financial transactions, in a bid to prevent illicit monetary practices potentially hindering the UAE’s alignment with the International Financial Action Task Force (FATF) standards.
Earlier this month, on August 10, the ministry disclosed fines amounting to Dh22.6 million imposed on 29 entities in the UAE’s designated non-financial business or professions (DNFBP) sector. This penalty was a consequence of their non-compliance with the country’s rigorous anti-money laundering and counter-terror financing (AML/CFT) laws.
Under the ministry’s scanner are businesses within the DNFBP sector located in both the mainland and the free zones. These predominantly include real estate agents, precious metal and stone dealers, auditors, and corporate service providers.
Companies under suspension are given a three-month window to register in the goAML system. Failure to do so within this timeframe will attract more stringent punitive measures.
Emphasizing the gravity of compliance, the ministry urged all companies to uphold the relevant laws and maintain the highest standards of conformity. It also opened channels of communication for businesses seeking technical assistance or clarification on any issues.
