UAE: Six companies fined Dh3.2 million for money laundering, 'suspicious' business relationships

Six designated non-financial business or professions (DNFBP) companies have been fined for their failure to adhere to internal policies and controls established to combat crime; engaging in suspicious business relationships; and their failure to adopt necessary measures to limit the risks of crime in the field of work – in addition to their failure to strengthen AML procedures and monitor or report suspicious transactions.

As a result, a total of 59 fines amounting to Dh3,200,000 were levied on them for the violation of Cabinet Decision No. 16 of 2021 on the unified list of the violations, as well as administrative penalties for said violations.

The fines come after the Ministry of Economy conducted inspections to monitor the operations of DNFBP sector companies that are subject to its supervision, which include real estate agents and brokers, precious metals and gemstone dealers, auditors, and corporate service providers.

The initiative falls in line with the Ministry’s annual plan to ensure the sector’s compliance with the provisions stipulated by Federal Decree-Law No. (20) of 2018 regarding anti-money laundering and combating the financing of terrorism and illegal organisations (AML/CFT), and its executive regulations and related laws. The plan also includes ensuring the country’s full compliance with the international standards issued by the Financial Action Task Force (FATF).

The total number of companies and entities operating in the DNFBP sector under the Ministry’s supervision is approximately 15,000.

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