UAE imposes Dh77 million fines on 225 firms in 2023 for AML violations
The UAE's Ministry of Economy has used its regulatory power to impose administrative fines on 225 corporations this year in a determined effort to combat money laundering and terror financing.
Ministry of Economy Takes Strong Actions Against Money Laundering
The cumulative value of these penalties stands at approximately Dh76.9 million. These actions reflect the nation's unwavering commitment to upholding stringent financial regulations and safeguarding its financial system.
Suspension of Non-Compliant Establishments
A total of 50 establishments faced suspension for a duration of three months due to their failure to register in the anti-money laundering system, known as goAML, managed by the Financial Intelligence Unit.
These suspensions were executed in the third quarter of 2023. The goAML system serves as a pivotal tool for detecting suspicious transactions, analyzing activities, and uncovering potential instances of money laundering and terror financing.
Fighting Financial Crime
The UAE's efforts align with international standards, particularly those set by the International Financial Action Task Force (FATF). The Financial Intelligence Unit diligently reviews and evaluates transactions to forestall any illicit financial activities that could undermine the UAE's commitment to global financial security.
Targeting Non-Financial Businesses and Professions
The Ministry has authority over businesses on both the mainland and free zones, including brokers and agents in real estate, precious stone and metal dealers, accountants, and corporate service providers.
As The recent imposition of Dh22.6 million in fines on 29 organizations operating in the designated non-financial business or professions (DNFBP) sector of the UAE is a noteworthy action. The Ministry's determination to uphold anti-money laundering and countering the financing of terrorism (AML/CFT) laws is demonstrated by this action.
Promoting Transparency and Compliance
Through rigorous monitoring and inspection campaigns, the Ministry seeks to augment transparency within various business sectors. Additionally, the Ministry has conducted workshops in recent months to bolster anti-money laundering and anti-terror financing measures, thereby fortifying regulatory compliance requirements.
The Ministry admonishes businesses to follow pertinent laws, uphold the highest levels of compliance, and keep lines of communication open with appropriate authorities. The UAE continues to show its unwavering commitment to economic integrity and security by jointly combating financial misdeeds.