UAE fines 225 firms 77m dirhams for violating anti-money laundering laws
The UAE's Ministry of Economy has imposed administrative penalties on 225 companies with value of about 76.9 million dirhams (Tk 229.57 crore) this year to combat money laundering and terror financing, reports the UAE-based Khaleej Times.
It also suspended 50 establishments for three months for failing to register in the anti-money laundering system (goAML) of the Financial Intelligence Unit. These businesses were put on hold in the third quarter of 2023, the report said on Monday.
Through the (goAML) system, the Financial Intelligence Unit receives reports of suspicious transactions. It examines transactions and activities to detect money laundering and terrorist financing. The goal is to prevent financial criminal activities that could jeopardise the UAE's efforts to meet the Financial Action Task Force (FATF) requirements.
On August 10, the ministry announced that 29 companies operating in the UAE's designated non-financial business or professions (DNFBP) sector had been fined 22.6 milliondirhams for failing to comply with anti-money laundering and combating the financing of terrorism (AML/CFT) legislation, according to the Khaleej Times report.
The ministry noted that these firms would remain suspended until they are registered in the goAML system. If they don't do so within three months, more severe penalties will be imposed.
It urged businesses to follow relevant legislation, maintain the highest levels of compliance, and communicate with relevant authorities if they have any questions or want to request technical assistance, the report said.
In one of the biggest anti-money laundering operations, Singapore police recently rounded up a group of foreigners who had amassed about S$1 billion worth of assets there.
The assets, which included properties, luxury cars, and goods, were either seized, frozen or issued with prohibition of disposal orders.
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