In an effort to combat money laundering and the financing of terrorism in the UAE, the Ministry of Economy has reminded businesses to register on the anti-money laundering system before March 31.
Real estate agents, gold dealers, auditors, and service providers are among the businesses which were urged to expedite registration in the Financial Intelligence Unit (goAML) and the Committee for Commodities Subject to Import and Export Control system, the automatic reporting system for sanctions, in order to avoid penalties that may result in the revocation of their licenses and their closure.
This is in line with the awareness campaign organised by the Ministry to encourage the registration of the target groups in the government systems adopted to combat money laundering and financing of terrorism in the UAE.
The ministry reiterated the importance of adopting the necessary measures, which were established by the executive regulations of the Federal Decree Law No. 20 (2018), related to confronting money laundering in order to avoid the fines contained in the unified list of violations issued by the UAE Cabinet recently.
These fines range from AED50,000 to AED1 million and can be doubled to AED5 million based on the provisions of the law and according to the estimation of the Supreme Committee for Combating Money Laundering and Financing of Terrorism and Illegal Organisations.
The original full article can be found at arabianbusiness.com