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UAE: Ministry urges anti-money laundering law compliance before deadline

Dubai - Expiry of registration in system ends on March 31.

By Issac John

Published: Tue 30 Mar 2021, 7:03 PM

The UAE Ministry of Economy has urged Designated Non-Financial Businesses and Professions to comply with regulations before the expiry of grace period on March 31.

In a statement, the MoE said the most important requirement in the current stage is DNFBPs registration in the goAML system and the Automatic Reporting System for Sanctions Lists before the end of the grace period, which has been extended to March 31.

“Following their registration in the two systems, DNFBPs are also required adopt some legal measures to avoid penalties that can even result in the revocation of the licence or the closure of the facility itself, or fines that range from Dh50,000 and go up to Dh5 million,” MoE said in a statement.

The ministry said in an awareness virtual seminar in cooperation with the Dubai Multi Commodities Centre that it is continuing its efforts to raise the awareness levels of DNFBPs on the requirements of Federal Law No. 20 of 2018 on countering money laundering, combating the financing of terrorism and financing of illegal organizations, and their implementing regulations and related decisions.

The workshop educated the attendees on the four categories that fall under DNFBPs, namely: brokers and real estate agents, auditors, precious metals and gem dealers, and corporate service providers.

Safeya Al Safi, director of the Anti-Money Laundering Department at the Ministry of Economy, explained the role of the Ministry of Economy as a supervisory body of DNFBPs.

Al Safi said the category of corporate service providers includes every establishment that offers administrative services to assist other establishments and companies in conducting business. The providers of these services carry out the procedures required for incorporation, registration and obtaining the necessary licences from the official authorities.

The virtual symposium was attended by more than 1,000 companies from DNFBPs sector. The session reviewed the laws governing anti-money laundering and combating the financing of terrorism and illegal organisations apart from introducing participants to the federal labour system, the National Anti-Money Laundering Committee, and the country’s efforts in that matter.


File photo
File photo

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