A gold trader in Dubai has been fined a total of Dh1.35 million ($367,597) for eight separate breaches of laws governing money laundering and terrorism financing.
The unnamed company was fined as part of the Ministry of Economy's extensive inspection campaign into Designated Non-Financial Business and Professions (DNFBPs). DNFBPs are a group of non-financial businesses governed by money laundering rules, and include precious metals dealers, property brokers, auditors and corporate services providers that offer company formation services.
"Three companies belonging to the group were issued fines of Dh450,000 each for violations," the ministry said in a statement on Sunday.
The Dubai gold trader was fined for breaches including a failure to adopt the necessary measures to determine criminal risks, failure "to establish internal policies, controls and procedures commensurate with the volume of its business", failure to reduce risk, and a series of other offences.
The ministry instructed DNFBPs earlier this year to register with the goAML portal set up by the ministry in 2019 and with an automatic reporting system for sanctions list. Registrations needed to be completed by the end of last month.
The ministry's inspections are part of a series of measures that have been taken in recent months to strengthen anti-money laundering and combating the financing of terrorism rules.
In February this year, the UAE established a new Anti-Money Laundering and Counter Terrorism Financing agency to act as a "national co-ordinator with internal, intergovernmental and international organisations to tackle money laundering".
The ministry reiterated its warning to DNFBPs who fail to comply with a 2018 federal law introduce to combat financial crime that they face fines of between Dh50,000 and Dh5m for offences, as well as the potential suspension of their licences or even the closure of their businesses.
The ministry will continue its inspection campaigns to "ensure that companies comply with the provisions of the federal law and its implementing regulations", Safeya Al Safi, director of the ministry's anti-money laundering department, said.
Mohammed bin Zayed Majlis
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TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
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Director: Lee Isaac Chung
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Rating: 2.5/5
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
