UAE imposes Dh22.6 million fines on 29 companies in money laundering crackdown

The DIFC building. Picture for illustrative purposes only.

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UAE imposes Dh22.6 million fines on 29 companies in crackdown on money laundering, terror financing

The UAE’s Ministry of Economy imposed fines worth Dh22.6 million on 29 companies as part of its crackdown on money laundering and terror financing, the ministry announced on Monday (March 27).

The ministry revealed that violators include 17 companies engaged in precious metals and gems-related activities, four corporate service providers and two auditing service companies.

According to the ministry, the companies were fined for “ failure to comply with the anti-money laundering and combating the financing of terrorism legislation”.

The ministry revealed that the companies committed a total of 225 violations, including “failure to adopt necessary measures and procedures to identify the risks of crime in their field of work”.

“These companies failed to establish internal policies and procedures to check customer databases and transactions against names mentioned on the terrorism list, which was issued under the provisions of a Cabinet resolution on the UAE’s list of terrorists,” according to the ministry.

The Cabinet resolution was issued in implementation of the UN Security Council decisions on the prevention and combating of terrorism financing, non-proliferation of weapons of mass destruction, and the relevant resolutions.

“The imposition of fines on violators is in line with the Ministry of Economy’s strategies and efforts as the authority responsible for the supervision of the DNFBP sector and ensuring its full compliance with the legislation,” said Abdullah Sultan Al Fan Al Shamsi, Assistant Undersecretary of the Ministry of Economy for the Control and Follow-up Sector.

“The Ministry of Economy is intensifying field inspections on high-risk companies in all emirates of the country. Simultaneously, our work teams are providing intensive awareness and training support to the sector’s companies,” he added. ICA/Expat Media

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