Abu Dhabi: The Ministry of Economy (MoE) called upon business sector and the Designated Non-Financial Businesses and Professions (DNFBPs) to expedite registration in the Financial Intelligence Unit (goAML) and the Committee for Commodities Subject to Import and Export Control system before March 31 to avoid penalties.
In addition to penalties, non-compliance could resultin the revocation of their non-compliant parties’ licenses and the closure of such facilities.
The initiative falls within the framework of the awareness campaign organized by the Ministry to encourage the registration of the target groups in the government systems adopted to combat money laundering and financing of terrorism in the UAE.
The Ministry also underlined the importance of adopting the necessary measures related to confronting money laundering, established by the executive regulations of the Federal Decree Law No. 20 of 2018 on combating money laundering and the financing of terrorism and financing illegal organizations, in order to avoid the fines contained in the unified list of violations issued by the UAE Cabinet recently.
Hefty fines
The fines range from Dh50,000 to Dh1 million and can be increased to Dh5 million based on the provisions of the law and according to the estimation of the Supreme Committee for Combating Money Laundering and Financing of Terrorism and Illegal Organizations.
Compliance is required from a wide range of non-financial business and activities that are most exposed to money laundering risks. These have been divided according to the executive regulations of the Anti-Money Laundering Law - in line with international standards issued by the Financial Action Task Force (FATF) - into four main categories that include: Brokers and real estate agents, dealers of precious metals and gemstones, auditors, corporate service providers.
