UAE Suspends 50 Businesses for Failing to Register in Anti-Money Laundering SystemSource: www.export-egypt.com 8/21/2023, Location: Middle East |
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For failing to register in the anti-money laundering system (goAML) of the Financial Intelligence Unit (FIU), the UAE’s Ministry of Economy has suspended 50 establishments for three months during the third quarter of 2023, according to an official statement issued today.
Through the goAML system, reports of questionable transactions are sent to the FIU.To look for money laundering and terrorist financing schemes, it examines transactions and activities to stop financial crimes that might interfere with the UAE's efforts to adhere to the Financial Action Task Force (FATF) regulations. The ministry stated that both the mainland and free zones' designated non-financial business and professions (DNFBPs) are under its supervision. Real estate brokers and agents, precious stone and metal merchants, auditors, and corporate service providers are among them. The ministry added that these businesses will remain suspended until they have registered with the goAML system. If they do not rectify their status within three months, they will face more severe sanctions. |
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