Some inspection rounds carried out by the Ministry of Economy in UAE on the activities subject to its supervision and falling under the designated non-financial business and professions sector, has led to uncovering violation of 06 companies practising activities.
The companies has failed to comply with the requirements of anti-money laundering and combating terrorist financing legislation related to internal policies and controls that combat the commission of crime or engage in a suspicious business relationship, or for not taking the necessary measures.
The inspections has been done on the agents, real estate brokers, dealers in precious metals and precious stones, auditors and corporate service providers, as part of its annual plan to ensure compliance with the provisions stipulated in the Federal Decree-Law No. (20) of 2018 regarding countering money laundering crimes, combating the financing of terrorism and financing illegal organizations, its executive regulations and related decisions, and achieving the state’s full compliance with international standards issued by the Financial Action Task Force (FATF), it said.
Accordingly, 59 such violations have been imposed with penalties amounting to 3 million and 200 thousand dirhams, according to the Ministry of Economy in UAE.