UAE authorities have confiscated over AED 3B in criminal proceeds from 270 companies that have violated anti-money laundering laws, according to the Director-General of the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing, H. E. Hamid Al Zaabi.
In addition to the confiscations, 3,000 companies were fined by company registrars for non-compliance, while regulatory authorities conducted over 750 on-site inspections and off-site reviews last year, leading to penalties valued at AED 75M.
The Minister of Economy, H. E. Abdullah bin Touq Al Marri, stated that inspections of nearly 400 non-financial companies last year resulted in 42 warnings and 125 fines, totaling approximately AED 9.45M.
At the 17th Meeting of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, officials discussed the latest developments in the National Strategy and the Financial Action Task Force (FATF) action plan.
The UAE Minister of Economy also announced plans to strengthen the Anti-Money Laundering (AML)/ Combating the Financing of Terrorism (CFT) systems to create a secure and welcoming economic environment for businesses, according to WAM. The committee also approved a work plan for the future, which includes fulfilling the FATF action plan, on-site visits, and training programs for concerned authorities.
