UAE suspends 50 companies for flouting anti-money laundering legal guidelines

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The UAE’s Ministry of Economy has suspended 50 companies for 3 months for failing to register within the anti-money laundering system (goAML) of the Financial Intelligence Unit (FIU).

Through the goAML system, reviews of questionable transactions are despatched to the FIU. To verify for cash laundering and terrorist financing schemes, it examines transactions and actions to cease monetary crimes which may intervene with the UAE’s efforts to stick to the Financial Action Task Force (FATF) laws.

The system oversees the mainland and free zones’ designated non-financial enterprise and professions (DNFBPs), together with actual property brokers and brokers, treasured stone and metallic retailers, auditors, and company service suppliers.

The ministry added that these companies will stay suspended till they’ve registered with the goAML system. If they don’t rectify their standing inside three months, they are going to face extra extreme sanctions.

#MoEc affirmed that the transfer falls consistent with its strategic plan to supervise and supervise the DNFBP sector within the nation. Its intention is to discourage violators and obtain the best ranges of compliance to boost the integrity of the UAE’s enterprise atmosphere pic.twitter.com/P4zJoJyEBe

— Ministry of Economy – UAE (@Economyae) August 21, 2023