UAE .. Infringements of more than 3 million dirhams against 8 companies in the context of anti-money laundering

The UAE Ministry of Economy has carried out inspection tours of the activities subject to its control which fall under the business sector and the designated non-financial professions, which are: agents, real estate agents, dealers in precious metals and gemstones, auditors and corporate service providers, as part of its zeal to ensure compliance with the provisions set out in Federal Resolution Act No. (20) of 2018 in the matter of combating money laundering crimes, combating the financing of terrorism and the financing of illegal organizations, its executive authority. regulations and related decisions, and the achievement of full compliance by the state with the international standards issued by the Financial Action Task Force (FATF). The total number of institutions operating in these activities is approximately 15 000 institutions subject to the supervision of the Ministry.

The tours led to the violation of 8 companies operating in the business sector and specified non-financial professions because they did not follow internal policies and controls to combat crime or engage in a suspicious employment relationship, or the necessary measures to take risks of crime in the workplace, in addition to their failure to strengthen the procedures necessary to counter money laundering and money laundering and monitoring. Suspicious transactions were reported, where 69 offenses were committed, with a value of 3 million and 550 000 dirhams, for contravening 10 items of the Executive Regulations of Bill No. (20) of 2018 in the issue of combating money laundering crimes, the fight against terrorism and illegal organizations, and Cabinet Decision No. (16)) for the year 2021 with regard to the consolidated list of offenses and administrative fines imposed on offenders of the procedures for combating money laundering and combating the financing of terrorism, which are subject to the supervision of the Ministry of Economy, and related decisions.

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