The ministry stated that both the mainland and free zones’ designated non-financial business and professions (DNFBPs) are under its supervision….reports Asian Lite News
For failing to register in the anti-money laundering system (goAML) of the Financial Intelligence Unit (FIU), the UAE’s Ministry of Economy has suspended 50 establishments for three months during the third quarter of 2023, according to an official statement issued today.
Through the goAML system, reports of questionable transactions are sent to the FIU. To look for money laundering and terrorist financing schemes, it examines transactions and activities to stop financial crimes that might interfere with the UAE’s efforts to adhere to the Financial Action Task Force (FATF) regulations.
The ministry stated that both the mainland and free zones’ designated non-financial business and professions (DNFBPs) are under its supervision. Real estate brokers and agents, precious stone and metal merchants, auditors, and corporate service providers are among them.
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The ministry added that these businesses will remain suspended until they have registered with the goAML system. If they do not rectify their status within three months, they will face more severe sanctions.
Meanwhile, in the past two years, the UAE’s Ministry of Interior has effectively addressed 521 money laundering cases and collaborated with international law enforcement agencies to apprehend 387 individuals wanted globally.#
These combined efforts have led to confiscations surpassing AED4 billion.
Lt. Gen. H.H. Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, underscored the UAE’s steadfast advancement under the judicious guidance of its leaders. “The nation’s trajectory is one of assurance and capability, solidifying its influential global standing. The vision and endorsement of the wise leadership have propelled the UAE to become a sanctuary of security and safety, radiating prosperity and well-being,” he stated.
Sheikh Saif also acknowledged the vigorous actions undertaken by the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, led by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, to oversee the national strategy against money laundering and terror financing. Additionally, the Executive Office’s endeavours have been instrumental in executing the action plan and realising national accomplishments.
Lt. Gen. Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police and a member of the Higher Committee, drew attention to the innovative initiatives launched by concerned authorities within the country to combat money laundering. This encompasses the inauguration of the unified platform by the Ministry of Interior, designed to tackle money laundering in partnership with the Ministry of Economy, the Ministry of Justice represented by the Public Prosecution Offices, the UAE Central Bank, the Financial Intelligence Unit, and the Federal Authority for Identity and Citizenship, Customs and Ports Security, and the Federal Tax Authority play pivotal roles in supporting collaborative efforts. The shared objective is to strengthen security and combat crime, particularly money laundering and its associated offences.
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