Before March 31 .. It includes real estate agents, gold dealers, auditors, and corporate service providers
4 categories of a claim for registration in anti-money laundering regulations
The list includes brokers and real estate agents when they enter into operations for the benefit of their clients in relation to the purchase and sale of real estate.
The Ministry of Economy called on the target groups to expedite registration in the system of financial information unit (goAML), and the system of the Committee for Goods and Materials subject to import and export control (the automatic reporting system for sanctions lists), during the grace period extended until March 31, in order to avoid penalties that may reach To suspend the license and close the facility, as part of the awareness and oversight campaign organized by the Ministry of Economy, to register the establishments of the business sector and non-financial professions, which are specified in the government regulations approved for countering money laundering and combating the financing of terrorism.
The Ministry also affirmed the importance of taking the necessary measures related to confronting money laundering, as described in the executive regulations of the Federal Decree Law No. 20 of 2018 regarding countering money laundering, combating the financing of terrorism and financing illegal organizations, in order to avoid the fines contained in the unified list of violations issued by the Council of Ministers, Finally, it starts from 50 thousand dirhams and reaches one million dirhams, and can be doubled to five million dirhams, based on the provisions of the law, and according to the estimation of the Supreme Committee for Combating Money Laundering, Combating the Financing of Terrorism and Financing Illegal Organizations.
The Ministry indicated that all the required measures are explained on its official website at the link:
https: // www.economy.gov.ae/ arabic / AML / Pages / default.aspx.
She explained that the sector includes a wide range of non-financial business and activities most vulnerable to money laundering risks, which were divided according to the executive regulations of the Anti-Money Laundering Law, in line with international standards issued by the FATF, into four main categories, including brokers. Real estate agents, dealers of precious metals and gemstones, auditors, corporate service providers.
Article (3) of the executive regulations of the law specified the types of specific non-financial business activities and professions that are subject to their supervision as follows:
1- Real estate brokers and agents, when they enter into transactions for the benefit of their clients in relation to the purchase and sale of real estate.
2- Merchants of precious metals and gemstones, when they carry out any single cash transaction or several seemingly interconnected operations of a value of 55 thousand dirhams or more.
3- Independent auditors and accountants, when they prepare, conduct or implement financial operations for the benefit of their clients, in relation to the following activities:
A- Buying and selling real estate.
B- Managing the funds owned by the client.
C- Managing bank accounts, saving accounts, or securities accounts.
D- Contributing to establishing, operating or managing companies.
E- Establishing, operating or managing companies or legal arrangements.
F- Buying and selling of commercial entities.
4- Providers of services of companies and trusts, when carrying out or carrying out an operation for the benefit of their clients or on their behalf, in relation to the following activities:
A- Acting as an agent in establishing or establishing companies.
B- Working or equipping another person to work as a director or secretary of the company, or as a partner or in the company.
C- Providing a registered office, a business address or residence, an address for correspondence, an administrative address for a legal person, or a legal arrangement.
D- Performing the work or equipping another person to act as trustee for a direct trust fund, or performing a similar function for the benefit of another form of legal arrangement.
E - Work or equip another person to work as a shareholder for the benefit of another person.
The Ministry of Economy called on companies to contact them in the event of any inquiries regarding registration in the anti-money laundering and terrorist financing systems, to take the necessary measures, and to identify penalties and violations, by calling the Ministry of Economy call center number 8001222.
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