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the ministry held an extensive media briefing on the system for combating money laundering
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The session also briefed attendees on most important international obligations in this regard
Violators of anti-money laundering or ultimate beneficial owner procedures may lead to administrative fines ranging from Dh 50,000 to Dh 1,000,000 ($2,72,249) in the UAE, according to the Ministry of Economy (MoE).
This was announced as the ministry held an extensive media briefing on Monday on the system for combating money laundering; combating the financing of terrorism; the financing of illegal organisations; and the financing of the proliferation of weapons of mass destruction.
The session also briefed attendees on most important international obligations in this regard, laws and decisions related to them, the obligations they place on the public and private sectors, and the Ministry’s and its partners’ efforts in this field.
The event also dealt with the Ministry’s efforts in organising the ultimate beneficial owner procedures and the implementation of the Ministry’s and its partners’ plan to collect data on the ultimate beneficiaries of private sector establishments, in addition to the efforts undertaken in the field of control and inspection, ensuring the implementation of legal requirements and achieving the country’s international obligations in this regard.
“Money laundering and terrorism financing crimes are a major concern that plagues most of the world’s economies, especially today with the advent of modern digital technologies in the financial sector, trade and investment activities and doing business,” Safeya Al Safi, Director of the Anti-Money Laundering Department at the Ministry of Economy told the media. “These provide new tools and complex systems for money launderers to commit crimes”.
She added that the UAE, under the directives of its wise leadership, is one of the first countries to build an integrated system to counter money laundering and combat the financing of terrorism. The money laundering crime, Al Safi said, is a group of financial operations aimed at concealing the illicit source of funds and passing them off as funds generated from a legitimate source.
“Money laundering crimes cause low real growth rates, destabilization of the financial and banking system, instability of prices, weakening of vital and productive sectors, and an imbalance in the concentration of wealth and the distribution of national income,” she said.