The members of the committee reviewed the progress made by concerned authorities in the field of anti-money laundering and countering financing of terrorism, in addition to the committee's future plans.
Hamid Al Zaabi, Director-General of the Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism, presented the latest developments pertaining to the implementation of the UAE's action plan, and relevant achievements, most notably the collection of real beneficiary data from 89 percent of the establishments registered in the UAE.
Meanwhile, the Ministry of Economy intensified its efforts to impose administrative fines against establishments that fail to comply with Cabinet Resolution No. (58) of 2020, which came into force on 8th July, 2021. Over 58,503 warnings and 36,420 violations were recorded during phase II, with a fine of AED15,000 imposed for each violation.
The meeting also saw the Ministry of Interior and the Dubai Public Prosecution give a presentation on their efforts to counter money laundering and terrorism financing.
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