Anti-money laundering: UAE extends deadline for firms’ registration

The UAE Ministry of Economy on Monday announced that the grace period for registration in anti-money laundering regulations and taking measures associated with them has been extended until March 31, and failure to comply would be resulting to penalties that may reach suspension of licences and closures.

Safia Al Safi, director of the ministry’s Anti-Money Laundering Department, said the decision contributes to enhancing the compliance of the country’s business sector with the requirements of the AntiMoney Laundering Law and raising the capacity of the national economy to achieve healthy and sustainable growth.

The ministry is calling on concerned companies to intensify their efforts to enhance awareness of the dangers of money laundering and to register in the approved systems to counter money laundering and to take the necessary measures in accordance with the law.

Companies’ commitment to the measures mentioned in the executive regulations of the law will help them avoid fines mentioned in the Cabinet Resolution, which start from Dh50,000 and can reach Dh5 million.

The department is keen to communicate, raise awareness and clarify enquiries for business sector establishments and specific non-financial professions subject to its control, including brokers, real estate agents, precious metals dealers, account auditors and company service providers. It also invites them to communicate with it on the ministry’s call centre, 8001222.

Al Safi affirmed the ministry’s commitment to strengthening partnership with private sector firms and establishments that are included in the specific business sector and non-financial professions, and that cooperation by targeted companies is a pivotal step to avoid them falling into the violations stipulated in the resolution, and at the same time supports the state’s procedures in the face of money laundering and combating it. —