The UAE Ministry of Economy carried out inspection tours of the activities subject to its control, which fall under the designated non-financial businesses and professions, these being real estate agents and brokers, dealers of precious metals and gemstones, auditors and corporate service providers.
This came as part of the ministry’s keenness on ensuring compliance with the provisions stipulated in the federal decree-law no. 20 for 2018 as well as its executive regulations and related decisions with respect to countering money laundering crimes, combating the financing of terrorism and illegal organizations and ensuring full compliance with the international standards issued by the Financial Action Task Force (FATF).
As many as 15,000 establishments engaged in these activities are under the ministry’s control. As a result of these tours, eight companies operating in the designated non-financial businesses and professions were fined for failing to follow internal policies and regulations to combat crimes, take the necessary measures to identify the risks of crimes, reinforce the necessary measures to confront money laundering and monitor and report suspicious transactions as well as for engaging in suspicious business relationships.
Some 69 fines for Dhs3.55 million were imposed on these establishments for violating 10 items of the executive regulations of the decree-law no. 20 for 2018 regarding countering money laundering crimes and combating terrorism and illegal organizations and the cabinet resolution no. 16 for 2021 regarding the consolidated list of administrative fines imposed on violators of the ministry’s anti-money laundering and anti-terrorism financing measures.
The head of the Investigation and Enforcement Department at the Ministry of Economy confirmed that the door is open for companies that have been violated in the designated non-financial business sectors and professions, to complain about the violations within the legal period specified for 15 days from the date of notification of the violation in accordance with Cabinet Resolution No. (16) for the year 2021.
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