Al-Adl set a fine of 100,000 dirhams each
7 law firms were punished for failing to comply with anti-money laundering procedures
The Ministry affirmed that most law firms adhere to the instructions and procedures.
Emirates today
The Ministry of Justice issued a decision to fine seven law firms, with an amount of 100 thousand dirhams each, for continuing to violate the procedures followed to confront money laundering and combating the financing of terrorism, in accordance with the provisions of Federal Law No. 20 of 2018 regarding countering money laundering and combating the financing of terrorism and illegal organizations.
The Ministry affirmed that “the measures come within the framework of the continuous and intensive efforts made by the UAE to address the risks associated with financial crimes, including strengthening the oversight role of the Ministry of Justice over law firms, as the Ministry finally announced the adoption of many strict legal measures against non-compliant lawyers, Most notably, the decision to suspend 200 law firms from practicing the profession for a period of one month, as a result of non-compliance with measures to combat money laundering and terrorist financing.
At a later time, the ministry confirmed the cancellation of the decision to suspend the practice of the profession from 193 offices, as a result of correcting their conditions and fully complying with measures to combat money laundering and terrorist financing, while seven offices continued their violations, which required legal penalties against them, and each of them was fined 100,000 dirhams.
The Ministry pointed out the need for all law firms to take the required measures to confront money laundering and combat terrorist financing, in line with the state’s commitment to fulfill all requirements and standards for combating money laundering and combating terrorist financing.
Within the same context, the Ministry affirmed the participatory relationship it collects with the law firms, indicating that most offices are committed to the instructions and procedures stipulated in this regard.
It is noteworthy that the issue of combating money laundering and combating the financing of terrorism is a top priority for the state. In light of this, a supreme committee was established to oversee the national strategy to counter money laundering and terrorist financing, headed by His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and a membership of a number Of the ministers and senior officials from the concerned authorities.
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