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UAE Intensifies Crackdown on Money Laundering and Terrorism Financing in H1 2023

UAE Intensifies Crackdown on Money Laundering and Terrorism Financing in H1 2023

by Danissa Guotana | Sep 21, 2023 | AML

The UAE seized and confiscated assets worth more than Dh1.3 billion ($354 million) from March to mid-July 2023, as it stepped up its fight against money laundering and the financing of terrorism, a top official said. The Emirates also issued fines totalling Dh199...
Ministry freezes 50 companies for failing to register under anti-money laundering system

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

by Danissa Guotana | Sep 8, 2023 | AML

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...
UAE fines 225 firms Dh77 million in 2023 for violating AML laws

UAE fines 225 firms Dh77 million in 2023 for violating AML laws

by Danissa Guotana | Aug 22, 2023 | AML

The UAE’s Ministry of Economy on Monday said it imposed administrative penalties on 225 companies with a total value of about Dh76.9 million this year to ensure compliance regarding combating money laundering and terror financing. It suspended 50 establishments also...
UAE Central Bank cancels licenses’ of money exchange house and commercial broker company

UAE Central Bank cancels licenses’ of money exchange house and commercial broker company

by Danissa Guotana | Aug 10, 2023 | AML

The Central Bank of the UAE (CBUAE) on Wednesday said it revoked the licence of Dirham Exchange, a money exchange house operating in the UAE, and struck off its name from the Register for serious violations of the regulatory laws. The regulator said it also revoked...
UAE officials discuss money laundering and terrorism financing risks with World Bank

UAE officials discuss money laundering and terrorism financing risks with World Bank

by Danissa Guotana | Aug 8, 2023 | AML

The UAE’s Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) has held a workshop with the World Bank to boost its framework against financial crimes, The event this week was the second workshop of the...
Dubai: Bank fined Dh11.1 million for inadequate anti-money laundering systems

Dubai: Bank fined Dh11.1 million for inadequate anti-money laundering systems

by Danissa Guotana | Aug 2, 2023 | AML

The Dubai Financial Services Authority (DFSA) on Tuesday said it imposed a fine of $3.02 million Dh11.1 million) on the bank Mirabaud (Middle East) Limited for having inadequate anti-money laundering (AML) systems and controls between June 2018 and October 2021. The...

Recent Posts

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  • UAE at G20: Exceptional achievements and successful experiences enhancing its global leadership
  • Ministry freezes 50 companies for failing to register under anti-money laundering system
  • Have You Registered for UAE’s New Corporate Tax Yet?
  • Understanding and Assessing Risks Related to the Real Estate Sector

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