Abu Dhabi: Six companies in the UAE have been fined Dh3.2 million for violating the country's anti-money laundering and terrorism financing rules.
The companies operating in non-financial businesses were found guilty of breaching the provisions of the Anti-Money laundering and Terrorism Financing Law. They also failed to take the measures needed to identify financial crime risks and prevent such crimes.
“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,” said Abdullah Sultan Al-Fan Al-Shamsi, Assistant Undersecretary of the Ministry of Economy for the Control.
