UAE’s MoE imposes fines worth $6.15mln on 29 DNFBP firms
The UAE Ministry of Economy (MoE) has imposed fines worth AED22.6 million ($6.15 million) on 29 companies operating in the UAE’s designated non-financial business or professions (DNFBP) sector.
The fines were for failure to comply with the anti-money laundering and combating the financing of terrorism (AML/CFT) legislation. The initiative falls in line with the Ministry’s efforts to ensure the sector’s full compliance with the provisions stipulated by Federal Decree-Law No 20 of 2018 on anti-money laundering and combating the financing of terrorism and illegal organisations and its executive regulations and related laws.
Adherence to the law is necessary to ensure the country’s full compliance with the international standards issued by the Financial Action Task Force (FATF).
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