Dubai Eye 103.8

On Air Now
Starting up with Virtuzone
10:00am - 11:00am

Listen To Dubai Eye

UAE firms fined over AED 2 million under anti-money laundering law

Friday, 4 November 2022 19:19

By ARN News Staff

WAM

Three firms in the UAE have been fined AED 2.25 million for violating the country's anti-money laundering rules.

Two of these companies operate in the gold and gemstones sector and the third one in real estate.

The Ministry of Economy said they committed a total of 32 offences, violating the provisions of the Federal Decree-law No. 20 of 2018 on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), its executive regulation, and relevant resolutions.

The companies have the right to appeal the sanctions within 15 days from the date of issuance of the notice.

The Ministry frequently conduct inspections of economic activities under its supervision, those enlisted within the business sector, and non-designated financial professions (DNFBP).

These include brokers, estate agents, gold and gemstones merchants, auditors, and service providers.

Nearly 15,000 companies operate in these fields, under the Ministry's supervision.

More from Local

UAE condemns Israeli Knesset move to annex West Bank

The UAE has strongly condemned the Israeli Knesset’s preliminary approval of two bills seeking to impose Israeli sovereignty over the occupied West Bank and legalize control over a settlement.
UAE breaks ground on world’s largest solar and battery project

The UAE has started construction on the world’s largest renewable energy project integrating solar power and battery storage, capable of delivering one gigawatt of clean energy around the clock.
AED 500 million endowment to support Arab Reading Challenge

In the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Sobha Realty has pledged AED 500 million for an endowment to support the Arab Reading Challenge.
Sharjah to enforce new lane rules for bikes, trucks and buses

Starting November 1, Sharjah Police will enforce new lane rules for motorcycles, heavy vehicles and buses to improve road safety across the emirate.
Tunisian twins crowned Arab Reading Champions

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has crowned Tunisian twins, Bisan and Baylasan Kouka, the Arab Reading champions.

Coming Up on Dubai Eye

The Agenda
11:00am - 1:00pm

Broadcasting every weekday, Georgia Tolley goes beyond the headlines to speak to government ministers, decision makers, analysts and local experts to find out how the news will impact those of us living in the UAE.
Afternoons with Helen Farmer
1:00pm - 4:00pm

Every weekday afternoon, Helen Farmer will help you to navigate the highs and lows of life in the UAE. Stay up to date with what’s happening and where to go.

BUSINESS BREAKFAST LATEST

UAE President Sheikh Mohamed Bin Zayed Al Nahyan’s visit to the USA
UAE President Sheikh Mohamed Bin Zayed Al Nahyan’s visit to the US to boost economic and technology ties including AI.
New iPhone Launch - Too Soon For Apple?
Apple Inc. shares fell Monday after a closely followed analyst warned that demand for the firm’s new iPhone 16 Pro model has been lower than expected. Is this a sign that the AI software just isn’t ready?
Working From Home or Hardly Working?
Does working from home kill productivity or can it benefit staff by giving them more flexibility and a better work/life balance?

On Dubai Eye

Is There Sufficient House Supply In UAE
Dubai’s current population is more than double compared to almost twenty years ago, which now stands at 3.7 million. Lots of families are also moving to the UAE now. So what does it mean for the property market?
Noon's First Female Delivery Driver
Glory Ehirim Nkiruka is Noon’s first ever female delivery driver. In her first ever interview, she explained why she loves her job, despite the heat!