The Ministry of Economy Suspended the Activities of 50 Businesses for 3 Months for Not Complying with Anti-Money Laundering Laws
The Ministry of Economy suspended the activities of 50 businesses in the non-financial business sectors for 3 months during the third quarter of 2023.
This was due to their non-compliance with the provisions of Federal Decree-Law No. 20 of 2018.
As well as the related decisions regarding registration in the goAML system of the Financial Information Unit in the UAE.
The Financial Information Unit receives reports of suspicious transactions from all non-financial businesses operating in the UAE through the goAML system.
It analyzes transactions and activities that may constitute money laundering crimes or terrorist financing.
Or any other financial criminal activities that may affect the UAE’s efforts to comply with the requirements of the Financial Action Task Force (FATF).
Which in turn enhances the positive global reputation of the national economy.
Moreover, the Ministry of Economy confirmed that this step comes within the framework of its strategic plan for the supervision.
And also oversight of the “non-financial business and professional sectors” within the country and in the free trade zones.
These sectors include real estate brokers and agents, traders in precious metals and gems, auditors.
In addition to corporate service providers.
The aim is to detect violators and achieve the highest levels of compliance.
Which will in turn enhance the integrity of the business environment in the country.
As well as solidifying the trust of investors and international financial institutions in the national economy.
Severe penalties
Moreover, the suspension decision will remain in effect until the violating businesses comply with the registration in the goAML system.
In case they do not comply within the specified suspension period, other more severe penalties will be applied in accordance with the provisions of the law.
The Ministry called on businesses that carry out activities that fall under the non-financial business.
And also professional sectors to comply with the relevant legislation and apply the highest levels of compliance.
Moreover, to contact the Ministry’s relevant authorities if they have any inquiries or requests for technical assistance.
The Ministry of Economy pointed out that its inspection campaign is ongoing to enhance the level of transparency in business sectors.
It explained that it is also carrying out an awareness-raising role for workers in the non-financial business and professional sectors.
In parallel with its supervisory efforts.
In cooperation with the relevant regulatory authorities in the country the Ministry organized 11 workshops.
They were during the months of June and July 2023.
More than 13,000 people attended the workshops from various sectors.
The workshops aimed to enhance the measures to combat money laundering and terrorist financing in the UAE.
In addition to contributing to raising the percentage of compliance with the regulatory requirements in this regard.
In a related context, the Ministry of Economy imposed administrative penalties on 225 violating companies.
Which are operating in the non-financial business and professional sectors.
With a total value of around 76.9 million dirhams since the beginning of 2023.
This was in the framework of its periodic supervisory plan to ensure compliance with the provisions stipulated in Federal Decree-Law No. 20 of 2018.
Which aims at combating money laundering crimes, terrorist financing.
In addition to the financing of illegal organizations, its executive regulation, and related decisions.
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