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.