Al-Adl fines 7 law firms for violating procedures for combating money laundering

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 Decree-Law No. (20) of 2018 regarding countering money laundering and combating the financing of terrorism and illegal organizations.

The Ministry affirmed that these 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 recently announced the adoption of many strict legal measures against non-compliant lawyers, most notably a decision Suspending 200 law firms from practicing the profession for a month, as a result of non-compliance with measures to combat money laundering and terrorist financing.

The ministry confirmed, at a later time, that it had canceled the decision to suspend the practice of the profession on 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 to violate them, which required the Ministry to apply legal penalties against them, as all were fined. One of these offices is 100 thousand dirhams.

The Ministry noted 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 fulfilling all requirements and standards for combating money laundering and combating terrorist financing.

Within the same context, the Ministry emphasized the participatory relationship it collects with the law firms, indicating that most of these 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 UAE, as a higher committee has been 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 all concerned authorities within the state.

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