Ministry freezes 50 companies for failing to register under anti-money laundering system

Businesses that fall within designated non-financial businesses and professions must register with the UAE Ministry of Economy's programme

Abu Dhabi, United Arab Emirates, July 31, 2012:  
UAE dirhams. (Silvia Razgova / The National)
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Authorities have suspended 50 companies in the UAE after they failed to register with the government's anti-money laundering system.

The Ministry of Economy froze the operations of the entities for the third quarter of 2023, state news agency Wam reported.

The action was taken after reports of questionable transactions were sent to the Financial Intelligence Unit.

The ministry said the affected businesses must register with the anti-money laundering system.

“If they do not rectify their status within three months, they will face more severe sanctions,” a representative said.

The FIU monitors business transactions and activities, to guard against money laundering and terrorist financing.

The department has intensified efforts to tackle financial crimes, as part of the UAE's programme to adhere with Financial Action Task Force global regulations.

Mainland and free zone Designated Non-Financial Businesses and Professions in the country fall under the Ministry of Economy's supervision, officials said.

Real estate brokers and agents, precious stone and metal merchants, auditors, and corporate service providers are among these entities.

Updated: August 22, 2023, 9:25 AM