UAE slaps fine on six companies for violating anti-money laundering laws

The non-financial business companies were found guilty for breaching the provisions of the UAE’s anti-money laundering and terrorism financing law

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The UAE has imposed penalties worth AED3.2 million on six companies, for violating the nation’s anti-money laundering and terrorism financing laws.

“These measures come as a result of the field and office control and inspection operations carried out by the Ministry of Economy on companies that practice Activities related to the sectors of trade in precious metals and precious stones, brokers and real estate agents as high-risk companies according to the sectoral risk classification, which requires the imposition of the necessary administrative penalties that must be corrected in order to achieve compliance,” UAE’s Ministry of Economy for the Control assistant undersecretary, Abdullah Sultan Al-Fan Al-Shamsi said.

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The non-financial business companies were found guilty for breaching the provisions of the UAE’s anti-money laundering and terrorism financing law.

The companies also failed to take necessary measures to identify financial crime risks, thus preventing such crimes.

Al-Shamsi added added: “These administrative violations came as a result of non-compliance in assessing companies’ understanding of money laundering risks and fulfilling legal requirements, and they come in implementation of relevant legislation to correct these sectors in order to establish a stable and attractive business environment for investment, and to enhance the country’s position as a global competitive economic center with high confidence that applies the highest standards.”

The UAE Ministry of Economy conducts regular inspections on the activities subject to its supervision and falling under the specified non-financial business and professions sector, namely: agents, real estate brokers, dealers in precious metals and precious stones, auditors, and corporate service providers, WAM reported on Wednesday.

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