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Ministry Of Economy Announces List Of Violations & Fines For Measures To Combat Money Laundering & Terrorism Financing
Muhammad Irfan Published March 02, 2021 | 10:00 PM
20 of 2018 on countering money laundering crimes, combating the financing of terrorism and illegal organisations, and its implementing regulations and relevant decisions. These activities include 4 main categories: brokers and real estate agents, dealers of precious metals and gemstones, auditors, and corporate service providers.
It further explained that the first necessary step is their registration on the Financial Intelligence Unit (goAML) and on the Committee for Commodities Subject to Import and Export Control system (Automatic Reporting System for Sanctions Lists).
Following their registrations on these two systems, they should adopt other measures related to the two systems in accordance with the provisions of the Decree-Law, its implementing regulations and the relevant decisions.
In addition, it underlined the significance of completing the post-registration procedures and measures to avoid the fines set by the Cabinet Resolution No. 16 of 2021. These fines range from AED 50,000 to up to AED 1 million and can be doubled up to AED 5 million based on the provisions of the law and according to the assessment of the Supreme Committee for Combating Money Laundering, and Financing of Terrorism and Illegal Organisations.
We call on all concerned companies to establish internal policies, procedures and controls to avoid money laundering risks in accordance with the measures set forth by the executive regulations of the law, which can be found on the official website of the Ministry of Economy via the link https://www.economy.gov.ae/arabic/AML/Pages/default.aspx
It enhances the business sector’s and non-financial professions’ compliance levels as defined by the provisions of the law and its implementing regulations, thereby contributing to raising the national economy’s ability to achieve healthy and sustainable growth.
Furthermore, the measure reflects the UAE’s keenness, under the guidance of its wise leadership, to continuously develop its economic legislation to enhance its competitiveness as a safe and stable global business destination.
The cooperation with target establishments is vital in preventing them from violations of the adopted measures, apart from supporting the UAE’s efforts to confront money laundering and combat terrorist financing, which in turn enhances its ranking on the relevant global indicators.
These are: 1- Dealing with fake banks in all ways, 2- Opening or maintaining bank accounts with fake Names or numbers without the names of their owners, 3- Failure to take measures related to clients listed on international or domestic sanctions lists, prior to establishing or continuing a business relationship.
The violator has the right to grievance against the decision of the administrative fine to the Minister or whoever he authorises within 15 days from the date of his notification of the decision or his knowledge of it.
The Minister can take one of the following three measures when considering the issue of the grievance: 1- upholding the prescribed administrative fine if the reasons and justifications are found to be valid, 2- replacing the prescribed administrative fine with another penalty according to the nature of the violation and in line with the law and its executive regulations, 3- cancelling the fine if the reasons for the violation have been removed or proven incorrect.
The decision on the grievance is considered final, and failure to respond to the grievance within 30 days from the date of its submission is considered a rejection of the grievance, and the appeal against the decision of the administrative fine signed before the grievance and rejection against it or the deadline for responding to it is not accepted.
It also encouraged them to take further measures related to the two systems as per the articles of Federal Law No. 20 of 2018 on Anti-Money Laundering and Countering the Financing of Terrorism and illegal organizations, and its implementing regulations and relevant decisions.
For more information about the steps of registration in the goAML system, please visit the following link:
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