The "Economy" issued 100 violations against establishments that were not registered in the anti-money laundering systems
The Ministry of Economy announced the issuance of 100 violations, with a total value of 5 million dirhams, for establishments from the "specified non-financial business and professions" sector, at a rate of 50,000 dirhams for each violation, for failing to register in the approved government systems to combat money laundering and combat the financing of terrorism and illegal organizations.
This comes as part of a wide inspection campaign implemented by the Ministry of Economy represented by the Anti-Money Laundering Department on the sector’s facilities after the expiry of the final grace period starting from the beginning of last May 2021, to ensure that they comply with registration and follow the due diligence procedures that enable them to submit reports of suspicious activities.
The ministry confirmed that it has made all necessary efforts to avoid companies falling into violations and penalties, as it has issued since the beginning of this year 2021 many circulars urging companies to register in money laundering systems, and intensified awareness efforts and enhance awareness of the various available means, as it organized and participated in more than From 80 workshops directed to various relevant sectors, in addition to conducting media briefings and interviews in various written, audio and visual media, as well as awareness efforts made by local licensing authorities, which are estimated at 38 licensing authorities, including non-financial free zones.
The Ministry of Economy called on the establishments to speed up the amendment of their conditions to avoid violations and penalties stipulated in Federal Law No. 20 of 2018 regarding countering money laundering and combating the financing of terrorism and the financing of illegal organizations, its executive regulations and related decisions, which start from 50 thousand dirhams and reach up to 5 million dirhams and may reach Penalties lead to suspension of the license or closure of the facility.
Safiya Al-Safi, Director of the Money Laundering Department at the Ministry of Economy, stressed the importance of the sector’s establishments cooperating with the government’s tireless efforts to combat money laundering in order to protect businesses and investments and contribute to their growth and prosperity, explaining that registering in money laundering systems and following due diligence procedures maintains the positive and prestigious reputation it enjoys. The national economy globally, and ensures the strengthening of the UAE’s role as an active player in the international community, and consolidates its position as a competitive economic center that applies the highest standards of integrity and transparency in the field of financial and commercial control and confronts unhealthy practices in business activities.
Al-Safi indicated that the inspection campaigns are continuing to ensure that companies comply with the provisions of the Federal Law and its Executive Regulations, indicating that the objective of the inspection campaigns is for the sector's facilities to follow the approved regulations regarding combating money laundering, and to ensure the integrity and transparency of commercial transactions in the business sector and specified non-financial professions, and to address practices Illegal, improper and suspicious activities.
Al-Safi called on the sector's facilities to take the necessary measures of care and enhance their activity in using the goAML system and the automated reporting system for sanctions lists, and to submit reports of transactions and suspicious activities, in order to enhance the ability of the regulatory authorities to analyze and assess risks and take the necessary measures and measures based on them.
The ministry called on all the targeted facilities to communicate with it through its call center on the number /8001222/ or through other official channels in case there are any inquiries related to registration in the two systems and the completion of the required measures.
The Ministry of Economy, through its official website, provides all information and instructions for registration
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