$1.048 billion collected worth of fines from tax evasion, money laundering cases in the UAE

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$1.048 billion collected worth of fines from tax evasion, money laundering cases in the UAE

The Executive Office to Combat Money Laundering and Terrorist Financing (EOCMLT) said that they collected a total of $1.048 billion (Dh3.848 billion) from the anti-money laundering and terrorism financing penalties in 2022.

Forty-eight defendants and companies were convicted for money laundering and fraud by the Abu Dhabi Courts.

The amount totaled from asset seizures worth $625 million (Dh2.3 billion), fines for non-compliance to anti-money laundering and terrorism financing regulations worth $64 million (Dh235 million), penalties on major financial institutions in the UAE worth $5.3 million (Dh19.5 million), tax evasion and money laundering fines on individuals worth $10.8 million (Dh39.6 million), confiscations valued at $109 million (Dh400 million), preventive measures to address terrorist financing and collective actions amounting to $234 million (Dh892.3 million).

The EOCMLT said in an interview with the Emirates News Agency that these figures highlight the country’s progress in addressing anti-money laundering and terrorism financing, in line with international standards and its commitment to combatting financial crimes.

As of writing, the anti-money laundering law’s executive regulation faces reamendments. The rules cover entities listed on United Nations (UN) Security Council lists. JMS/Expat Media


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