"Economy" imposes administrative penalties on 3 companies, worth 2.25 million dirhams

Within the framework of the Ministry of Economy’s keenness to enhance the compliance of the business sector and unspecified financial professions in the country, with anti-money laundering legislation and the requirements of the Financial Action Task Force (FATF) standards, the Ministry has signed administrative penalties on 3 companies worth 2.25 million dirhams, including two companies working in the gold sector and Gems, and one company working in the real estate brokers and agents sector.

The ministry explained that these companies committed 32 detailed violations in accordance with the provisions stipulated in Federal Decree-Law No. (20) of 2018 in the matter of countering money laundering crimes, combating terrorist financing and financing illegal organizations, its executive regulations and related decisions.

The Assistant Undersecretary for the Monitoring and Follow-up Sector at the Ministry of Economy, Abdullah Sultan Al-Fan Al-Shamsi, stressed that the aim of imposing sanctions on violating companies and establishments is to support the state’s efforts to raise the level of compliance of the business sector and specified non-financial professions with the requirements and legislation of anti-money laundering and combating terrorist financing, and the standards issued by the Group Financial Action (FATF), which contributes to creating a safe business environment away from financial crimes in the country, and consolidating the UAE’s position as a competitive economic center that applies the highest standards of integrity and transparency in the field of financial and commercial control.

The ministry indicated that violators are allowed to file a grievance regarding the administrative fines imposed on them with the Ministry of Economy, 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.

The Ministry of Economy continuously works to provide technical assistance, raise awareness and enhance understanding among companies and establishments, in a way that supports enabling them to implement internal procedures and processes that qualify them for growth and prosperity, and in a manner that enhances their commitment to legislation, decisions and regulations related to compliance with the business sector and specified non-financial professions.

The Ministry carried out a series of inspection tours during the last stage on the activities subject to its control and falling under the business sector and the designated non-financial professions, namely: agents, real estate brokers, dealers of precious metals and gemstones, auditors and corporate service providers. The total number of establishments operating in these activities is about 15,000 facilities subject to supervision Ministry.

These campaigns focus mainly on monitoring internal systems and assessing their compliance with the requirements of compliance with Federal Law No. 20 of 2018 in the matter of countering money laundering crimes, combating terrorist financing and financing illegal organizations, its executive regulations and related decisions, foremost of which is an assessment of the understanding of money laundering risks in the company under inspection. And whether it has met the legal requirements such as appointing a compliance officer and taking due diligence measures in its dealings with its clients, the extent to which the remittance procedures it performs comply with the standards of the banking system in the country, and whether it has dealt with suspicious parties.

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