UAE brings brokers, gems dealers, auditors under anti-money laundering review | ZAWYA MENA Edition
The UAE’s ministry of economy has directed brokers and real estate agents, dealers of precious metals and gemstones, auditors, corporate service providers, among others to register in anti-money laundering systems before March 31 to avoid hefty fines.
The ministry has asked the business community and the Designated Non-Financial Businesses and Professions (DNFBPs) to register in the Financial Intelligence Unit and the Committee for Commodities Subject to Import and Export Control system by March 31, in order to avoid penalties, including revocation of the their licenses and the closure of facilities that are found to be non-complaint.
The is part of the initiatives taken by the ministry to combat money laundering and financing of terrorism in the UAE.
Fines may range from 50,000 dirhams to 5 million dirhams based on the provisions of the law and according to the estimation of the Supreme Committee for Combating Money Laundering and Financing of Terrorism and Illegal Organizations, the ministry said in a statement.
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