With a total value of 5 million dirhams

“Economy” issued 100 violations against establishments for their non-compliance with anti-money laundering regulations

Safia Al-Safi: “Registration in money laundering systems preserves the prestigious reputation enjoyed by the national economy.”

Yesterday, the Ministry of Economy announced the issuance of 100 violations with a total value of five million dirhams for establishments from the “specified non-financial business and professions” sector, at a rate of 50,000 dirhams for each violation, for their failure to register in the approved government systems to confront 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 final grace period has passed, starting from the beginning of last May, to ensure their compliance with registration and follow the due diligence procedures that enable them to submit reports of suspicious activities.

In a statement, the ministry confirmed that it had made all necessary efforts to avoid companies falling into violations and penalties, as it had issued since the beginning of this year many circulars urging companies to register in money laundering systems, and intensified awareness-raising efforts and enhancing awareness of the various available means.

The "economy" called on 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 five Millions of dirhams, and penalties may reach suspension of the license or the closure of the facility.

The Director of the Money Laundering Department at the Ministry of Economy, Safiya Al-Safi, stressed the importance of the sector’s establishments cooperating with the government’s tireless efforts to confront money laundering, with the aim of protecting businesses and investments, and contributing to their growth and prosperity, explaining that registering in money laundering systems and following due diligence procedures maintains a positive and prestigious reputation. The national economy enjoys globally, and ensures the strengthening of the UAE’s role as an active element 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 improper practices in business activities.

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