Ministry of Economy has set up an anti-money laundering department to oversee compliance to local laws and its remit covers companies operating both onshore and within commercial-free zones, it said in a statement. Audit companies in UAE are expected to be involved in a crackdown on money laundering and other financial crimes.
Al Safi stated that the inspection activities continue to ensure that the agency complies with federal laws and its enforcement regulations. In addition, he pointed out that the purpose of inspection activities is to ensure compliance with the laws and regulations approved in the fight against money laundering, which is essential to ensure the integrity and transparency of commercial transactions within the DNFBP and participation in unscrupulous, illegal and suspicious financial activities.
The Ministry of Economy urges DNFBP to expedite the revision of existing conditions related to compliance requirements in order to avoid sanctions against money laundering, terrorist financing, and financing of illegal organizations under Federal Law No. 20 of 2018, its implementation regulations, and related decisions. The fines start at 50,000 dirhams and can reach up to 5 million dirhams, and may even result in the suspension of licenses or the closure of the facility itself.
The Ministry of Economy calls all target agencies and contacts them through the Ministry’s call center 8001222 or through other official channels, in case there is any doubt about the registration in the two systems and the compliance measurement.
How to Setup a Blockchain or Cryptocurrency Business in Dubai Setting up a cryptocurrency business in Dubai is not easy.
Indian Company to pay salaries of employees affected with Covid-19 Tata Steel, which is part of the Indian conglomerate Tata