Abu Dhabi’s ADGM revokes registration of law firm as a designated non-financial business

Abu Dhabi: Abu Dhabi Global Markets’ (ADGM’s) regulatory body has revoked the registration of Emirates Advocates LLP as a Designated Non-Financial Business or Profession (DNFBP).

The Financial Services Regulatory Authority (FSRA) of ADGM has revoked Emirates Advocates’ license for failing to comply with certain requirements of the FSRA’s Anti-Money Laundering and Sanctions Rules and Guidance Rulebook (AML Rules). As a result of the FSRA’s action, Emirates Advocates LLP is no longer allowed to undertake legal consultancy in ADGM.

ADGM has clarified that FSRA’s action concerns only Emirates Advocates LLP registered in Abu Dhabi Global Markets and not any other entities operating under the same or similar trading names outside ADGM, including in the UAE.

The FSRA had previously taken disciplinary action against Emirates Advocates LLP for failures to comply with its AML Rules.  In May 2021, the FSRA imposed a financial penalty of $10,000 on Emirates Advocates LLP for failing to submit a return required under the AML Rules. In September 2023, the FSRA imposed a financial penalty of $26,000 on Emirates Advocates LLP for failing to register for the goAML reporting system.

 Emmanuel Givanakis, Chief Executive Officer of the FSRA, said, “The FSRA is steadfast in its support of the UAE’s commitment to prevent money laundering and the financing of terrorism.”

Givanakis added, “Compliance by DNFBPs with federal and FSRA anti-money laundering requirements is critical in combatting financial crime. The FSRA will not hesitate to take action against DNFBPs that fail to comply with their AML obligations.”