UAE suspends 50 firms for not registering in anti-money laundering system

These firms were suspended in the third quarter of 2023.

Dubai ( UAE Updates – August 21, 2023 – Khaleej Times Report)

The UAE’s Ministry of Economy on Monday said it suspended 50 establishments for failing to register in the anti-money laundering system (goAML) of the Financial Intelligence Unit. These firms were suspended in the third quarter of 2023.

According to the details, The Financial Intelligence Unit receives reports of suspicious transactions through the goAML system. It analyses transactions and activities to check for money laundering and terror financing activities.

The aim is to prevent financial criminal activities that may affect the UAE’s efforts to comply with the requirements of the International Financial Action Task Force (FATF).

The ministry said the supervision included “designated non-financial business and professions sector” in the mainland and free zones. These are real estate brokers and agents; dealers in precious metals and stones; auditors; and corporate service providers.

The ministry noted that these firms would remain suspended till they register in the goAML system. If they don’t rectify their status in three months, more severe penalties will apply.

You might also like
Leave A Reply

Your email address will not be published.