UAE: 7 UAE law firms fined Dh100,000 in anti-money laundering crackdown

Seven law firms have been fined Dh100,000 each for continuing to breach anti-money laundering (AML) and counter-terrorism financing (CTF) measures, authorities have announced.

The Ministry of Justice said the fines were imposed in accordance with the provisions of Federal Law No. 20 of 2018 on countering money laundering, terrorist financing and illegal organisations.

According to the ministry, these measures are part of the UAE’s “continuous and extensive efforts” to address the risks associated with financial crimes. They “reflect the strong commitment of the ministry towards strengthening its AML and CTF supervisory role over legal professionals”.

The ministry had recently announced numerous legal measures against non-compliant lawyers. Last month, the ministry suspended the licences of 200 law firms in the UAE for one month over non-compliance with established procedures to combat money laundering. Authorities also took legal action against non-compliant lawyers as part of controls and procedures in this regard.

The original full article can be found at khaleejtimes.com

 

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