Picture for illustrative purposes only. ARCHIVE

The UAE’s Ministry of Economy has imposed fines totaling Dh65.9 million on 137 companies after an inspection targeting terror funding and money laundering. According to the ministry, the fines were meted out in the first quarter of 2023 on companies in the non-financial business or professions. These include real estate agents and brokers, gold and gemstone dealers, auditors and corporate service providers. It came after the ministry inspected 840 companies and found that 137 failed to comply with the UAE’s anti-money laundering legislation, as well as laws to deter anti-terror financing. The Ministry of Economy revealed that it spotted a total of 831 violations, including failure to adopt to necessary measures to identify crime risks. The companies also failed to establish internal policies to check customers against names mentioned in the terrorism list. The UAE’s federal decree law was put in place to crack down on money laundering and financing of terrorism and illegal organisations. "The imposition of fines on violators is in line with the Ministry of Economy’s strategies and efforts as the authority responsible for the supervision of the DNFBP (Designated Non-Financial Business or Professions) sector and ensuring its full compliance with the legislation,” said Abdullah Sultan Al Fan Al Shamsi, Assistant Under-Secretary of the Ministry of Economy for the Control and Follow-up Sector and chairman of the committee for the imposition of fines on violators. ICA/Expat Media
For all the latest news from the UAE and the world, follow us on Facebook, Twitter and Instagram and subscribe to our YouTube page