It operates in the Designated Non-Financial Business and Professions sector

The "Economy" imposes administrative penalties on 6 companies, amounting to 3.2 million dirhams

The Economy seeks to strengthen the country's position as an economic center that applies the highest standards of transparency in financial and commercial control.

archival

The Ministry of Economy carried out inspection rounds on the activities subject to its supervision and falling under the designated non-financial business and professions sector, namely: real estate agents and brokers, dealers in precious metals and precious stones, auditors, and corporate service providers, as part of its annual plan to ensure compliance with the provisions stipulated in the decree. By Federal Law No. (20) of 2018 regarding countering money laundering crimes, combating the financing of terrorism, financing illegal organizations, its executive regulations and related decisions, and achieving the state’s full compliance with international standards issued by the Financial Action Task Force (FATF).

non-compliance

And the Ministry of Economy stated in a statement that the inspection tours resulted in a violation of six companies that carry out activities in the business sector and specified non-financial professions, due to their failure to comply with the requirements of anti-money laundering and combating terrorist financing legislation, which are related to internal policies and controls that combat the commission of crime, or engage in a business relationship. Suspicious, or for not taking the necessary measures to identify the risks of crime in the field of work, in addition to not taking enhanced or continuous due diligence measures, as well as not proving the necessary measures to deal with the politically exposed, in addition to not strengthening the necessary procedures to confront money laundering and monitoring suspicious transactions.

Violations and fines

The Ministry stated that the ineffectiveness of all these procedures, measures, and others, constitutes administrative violations that require the imposition of appropriate penalties in accordance with Cabinet Resolution No. 16 of 2021, revealing the imposition of 59 violations worth three million and 200 thousand dirhams.

dangerous

Abdullah Sultan Al-Fan Al-Shamsi, Assistant Undersecretary of the Ministry of Economy for the Monitoring and Follow-up Sector and Chairman of the Committee for Imposing Administrative Penalties on Violators of Business Owners and Specified Non-Financial Professions, said that these measures come as a result of the field and office control and inspection operations carried out by the Ministry of Economy on companies that carry out activities related to sectors. Trading in precious metals and precious stones, real estate brokers and agents, as high-risk companies, according to the sectoral risk classification, which requires the imposition of the necessary administrative penalties that must be corrected in order to achieve compliance.

legal requirements

He added that these administrative violations came as a result of non-compliance in assessing the companies' understanding of the risks of money laundering, and the fulfillment of legal requirements, and come in implementation of the relevant legislation to correct these sectors, in order to establish a stable business environment that is attractive to investment, and to enhance the country's position as a global competitive economic center with high confidence. The highest standards of integrity and transparency in the field of financial and commercial oversight, as well as strengthening the country's efforts to raise the level of compliance in the business sector and non-financial professions specific to money laundering legislation and the standards of the Financial Action Task Force (FATF).

• Monitoring 59 violations of companies in accordance with the provisions stipulated in the Law on Confronting Money Laundering Crimes and Combating the Financing of Terrorism.

15 thousand establishments

The Ministry of Economy conducts continuous inspection tours of the activities subject to its supervision and falling under the designated non-financial business and professions sector, namely: real estate agents and brokers, dealers in precious metals and precious stones, auditors, and corporate service providers. The total number of establishments operating in these activities is about 15 thousand. Facility subject to the supervision of the Ministry.

Through the inspection tours, the Ministry aims to apply the highest standards of integrity and transparency in the field of financial and commercial control, to confront improper practices in business activities, and to maintain the positive and prestigious reputation that the national economy enjoys globally.

Follow our latest local and sports news and the latest political and economic developments via Google news