UAE: Full list of fines for money laundering, terror financing

The UAE’s Ministry of Economy has announced the list of violations and fines for money laundering and terrorism financing. The ministry has issued a list of 26 penalties.

The violations pertain to the designated non-financial businesses and professions (DNFBPs) that the ministry supervises. The businesses include four main categories: Brokers and real estate agents; dealers of precious metals and gemstones; auditors; and corporate service providers.

Grace period extended

The grace period for companies to register in two systems to combat money laundering has been extended till March 31. Companies that fail to register will be subject to penalties, including suspension of licences and closure.

The firms must complete the post-registration procedures to avoid financial penalties. Fines range from Dh50,000 to Dh1 million and can be doubled to up to Dh5 million.

The two systems on which the companies must register are Financial Intelligence Unit (goAML) and Committee for Commodities Subject to Import and Export Control system (Automatic Reporting System for Sanctions Lists).

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