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


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

Coming Up on Dubai Eye

  • The Agenda

    10:00am - 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.

  • Entertainment Extra

    1:00pm - 2:00pm


On Dubai Eye

  • Flying Taxis

    It sounds like an episode of The Jetsons, but the sight of flying taxis whizzing around our cities could be much closer than you think.

  • Tough penalties for deliberate tax evasion

    The UAE has said that tougher penalties will come into force from 1st August for not keeping proper corporate tax records.