- Middle East
- MOJ conducts inspection visits on owners and professions of designated nonfinancial businesses
MOJ Conducts Inspection Visits On Owners And Professions Of Designated Nonfinancial Businesses
Umer Jamshaid 1 month ago Sat 30th October 2021 | 06:15 PM
(UrduPoint / Pakistan Point News / WAM - 30th Oct, 2021) ABU DHABI, 30th October 2021 (WAM) - As part of the UAE’s efforts to confront the risks associated with financial crimes, the Anti-Money Laundering and Combating the Financing of Terrorism Section at the Ministry of Justice carried out extensive inspection visits to owners and professions of designated non-financial businesses to ensure their compliance with registration in the approved government systems to counter money laundering and combat the financing of terrorism and regulations and follow the due diligence procedures that enable them to file reports of suspicious activities.
Inspection field visits resulted in the violation of a number of law firms for not following the registration procedures and measures necessary to counter money laundering, as 41 law firms were violated, and 108 violations estimated at a value of one million 450 thousand Dirhams were monitored, for violating 7 items of the executive regulations of Decree-Law No. (20) of 2018 regarding countering money laundering crimes and combating terrorism and illegal organizations, and Cabinet Resolution No. (16) of 2021 regarding the unified list of violations and administrative fines imposed on violators of anti-money laundering and counter-financing of terrorism procedures subject to the supervision of the Ministry of Justice and the Ministry of Economy.
Counselor Abdullah Ahmed Jassim Al-Rashid, Head of the Anti-Money Laundering and Combating the Financing of Terrorism Section at the Ministry of Justice, confirmed that the ministry held more than 4 awareness workshops during 2021 in cooperation with the Executive Office of the Committee for Goods and Materials Subject to Import and Export Control, the Financial Intelligence Unit, and the Abu Dhabi Global Market. , in order to raise the level of awareness of the advocacy sector, where the attendance by law firms for the year 2021 was 2,757, compared to 1,014 who attended in 2020, which indicates the presence of great interest by the advocacy sector, and their compliance with the legislation of money laundering and combating the financing of terrorism, noting that violations may be appealed within the legal period specified for 15 days from the date of notification of the violation in accordance with the aforementioned Cabinet Resolution No. (16) for the year 2021.
He pointed out that the Anti-Money Laundering and Combating the Financing of Terrorism Section at the Ministry of Justice provides through the official website all information, laws and circulars, in addition to electronic links, explanatory videos, and instructions for registration regarding money laundering and combating terrorist financing procedures