Al-Eqtisadiah issues 8 violations of Dh1.35m against a gold trading facility for violating the provisions of the Money Laundering Law

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Abu Dhabi: The Ministry of Economy is carrying out a wide inspection campaign on the establishments of the “DNFBP” sector to ensure their compliance by registering in government regulations approved for countering money laundering and combating the financing of terrorism and illegal organizations, and following the due diligence procedures that enable them to submit reports Suspicious activities, after the end of the grace period in early May, which lasted for three months.

The inspection campaigns resulted in the violation of a number of establishments for not following the registration procedures and measures necessary to counter money laundering, and the campaign detected violations estimated at one million and 350 thousand dirhams for a huge group of gold trade in Dubai that includes 3 companies at a rate of 450 thousand dirhams per company, for violating 8 items of the executive regulations For the Anti-Money Laundering and Combating Terrorism and Illegal Organizations Law.

The Ministry of Economy called on establishments to speed up amending their conditions in order to avoid the violations and penalties stipulated in Federal Law No. 20 of 2018 regarding countering money laundering, combating the financing of terrorism and financing illegal organizations, and its executive regulations and related decisions, which start from 50 thousand dirhams and reach 5 million dirhams and may reach Penalties include suspension of the license or closure of the facility, indicating that a grievance may be made for violations within the legal period specified within 15 days from the date of notification of the violation in accordance with the executive regulations of the law.

The establishments of the “DNFBP” sector include 4 categories: brokers and real estate agents, independent accountants, dealers of precious metals and gemstones, corporate service providers and legal consulting firms / excluding attorneys and notaries.