Monday, August 21, 2023 – 2:34 PM
ABU DHABI, 21 August / WAM / During the third quarter of 2023, the Ministry of Economy suspended the activity of 50 establishments operating in the specific non-financial business and profession sectors for a period of 3 months, due to their non-compliance with the provisions of Federal Decree No. (20) of 2018 and 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 specified non-financial establishments and professions operating in the country through the (goAML) system and analyzes transactions and activities that may represent money laundering crimes or terrorist financing operations, or any other financial criminal activities that may affect the UAE’s efforts to comply with the requirements The International Financial Action Task Force (FATF) in order to enhance the positive reputation of the national economy globally.
The Ministry of Economy confirmed that this step comes within the framework of its strategic plan to control and supervise the “designated non-financial business and professions sector” within the country and in commercial free zones, which includes real estate brokers and agents, dealers in precious metals and precious stones, auditors, and corporate service providers, in order to Deterring violators to achieve the highest levels of compliance in a way that enhances the integrity of the business environment in the country and consolidates the confidence of investors and international financial institutions in the national economy.
The Ministry noted that the suspension decision will remain in effect on the violating establishments, until they are committed to registering in the (goAML) system, and that in the event of their non-compliance during the period prescribed for the suspension, other, more severe penalties will be applied in accordance with the provisions of the law, calling on establishments that engage in activities that fall under the non-business and profession sector. Specific financial regulations indicate the necessity of adhering to the relevant legislation, applying the highest levels of compliance, and communicating with the concerned authorities in the Ministry if there are any inquiries or to request technical assistance.
The Ministry of Economy indicated that its monitoring and inspection campaign continues to enhance the level of transparency in the business sectors, explaining that it plays an educational role for workers in the business sectors and specified non-financial professions, in parallel with its monitoring efforts, as the Ministry, in cooperation with the concerned regulatory authorities in the country, organized 11 workshops during the month of June. And July 2023, which witnessed the attendance of more than 13,000 people from various sectors, and aimed at strengthening measures to combat money laundering and combating the financing of terrorism in the UAE, in addition to contributing to raising the rate of compliance with regulatory requirements in this regard.
In a related context, the Ministry of Economy imposed administrative penalties on 225 violating companies operating in the specified non-financial business and profession sectors, with a total value of about 76.9 million dirhams, from the beginning of 2023 until now, within the framework of its periodic monitoring plan, to ensure compliance with the provisions stipulated in the decree. By Federal Law No. (20) of 2018 regarding combating money laundering crimes, combating the financing of terrorism and financing illegal organizations, its executive regulations and related decisions.
Ahmed Al Botli
2023-08-21 10:36:13
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