Sharjah 24 – WAM: The Ministry of Economy has imposed AED2.25 million worth of administrative sanctions on three companies, two of them working in the gold and gemstones sector and one in the real estate sector.
The move is part of the ministry's efforts to strengthen the compliance of the business sector and non-designated financial professions (DNFBP) in the country with money laundering legislations and the standards set by the Financial Action Task Force (FATF).
The Ministry elaborated that these companies committed 32 detailed offences violating the stipulated provisions of the Federal Decree-law No. 20 of 2018 on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), its executive regulation, and relevant resolutions.
Abdullah Sultan Al Fan Al Shamsi, Assistant Undersecretary for the Monitoring & Follow Up Sector at the Ministry of Economy, emphasised that imposing sanctions on violating companies and properties supports the country's efforts in strengthening the compliance of the business sector DNFBPs with AML/CFT requirements and legislation.
He added, "It also abides by the standards of FATF, thereby contributing to creating a safe business environment free of fiscal crimes in the country. It also consolidates the UAE's position as a competitive economic hub that upholds the highest standards of integrity and transparency in financial and trade regulation."
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