The UAE Ministry of Economy has announced the list of penalties for violations of the laws relating to money laundering and terrorism financing. Around twenty-six categories of fines have been listed, ranging from AED 50,000 to AED 1,000,000.
In addition to step up the monitoring of money laundering activities in the UAE, the ministry has established a specialized administrative unit .The said unit is authorized for the inspection and control of designated non-financial businesses and professions such as real estate agents and brokers, dealers of precious metals and gemstones, auditors, corporate service providers etc.
List of Fines:
Fine Amount |
Type of Violation |
Fine of Dirhams 1 million or more |
|
Fine of Dirhams 200,000 or more |
|
Fine of Dirhams 100,000 or more
|
|
Fine of Dirhams 50,000 or more
|
|
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