UAE Sets Record with Dh115M + Fines in Q1 to Combat Money Laundering and Terrorism Financing!

May 23, 2023

Authorities in the United Arab Emirates are now more active in combating money laundering and mainstreaming of illicit finance. The following figures speak volumes about the action that has been taken.

The United Arab Emirates has fined a hefty amount surpassing DH 115 million equivalent to $ 31.3 million in the first quarter of 2023 to combat Money Laundering and Terrorism Funding. A big chunk of the fine was imposed by the Central Bank in this regard.

According to media reports, the authorities also caught 899 criminals in 2020 and after. 43 of them were involved in money laundering and ten were terrorists or financing terrorism.

Judge Abdul Rahman Al Balushi stated in a press release,

The Ministry of Justice focuses on strengthening international cooperation to combat money laundering and organized crime. The ministry is actively working with the partners in the country to make international agreements with other countries to fight money laundering, terrorist funding, and other illicit crimes. 37 international agreements are signed in this regard on Mutual Legal Assistance out of which 15 collective agreements and 10 regional agreements are signed. This resulted in strengthening UAE’s position and creating a model of compliance for companies from various sectors.

Mr Al Balushi while addressing the first international conference on the role of central authorities in fighting money laundering stated, “These are serious crimes that UAE has been committed to fighting from the onset.” He also added, “32 Countries are present at this conference which is a testament to the notion that we are all committed to mitigating money laundering.”

UAE’s moves in Anti-Money Laundering are appreciable. It shows that the Gulf countries have

Also realized the importance of compliance and they are willing to join hands with the rest of the world in mitigating financial crime.

Source: UAE issues fines of more than Dh115 million in the fight against money laundering

Featured Solution Provider.

GBG.

Rating 3.7 /5.0

GBG is an exclusive UK-based Identity Proofing Platform that serves the world’s top brands and builds next-level customer relationships. GBG offers a unique set of services: Data Verification, Document Verification, Age Verification, Customer Onboarding, and Fraud Prevention. GBG serves over 20000 companies in their portfolio and processed more than 210 million transactions worldwide.