The UAE's Ministry of Economy has suspended 50 businesses for three months for failing to register in the anti-money laundering system (goAML) of the Financial Intelligence Unit (FIU).
Through the goAML system, reports of questionable transactions are sent to the FIU. To check for money laundering and terrorist financing schemes, it examines transactions and activities to stop financial crimes that might interfere with the UAE's efforts to adhere to the Financial Action Task Force (FATF) regulations.
The system oversees the mainland and free zones' designated non-financial business and professions (DNFBPs), including real estate brokers and agents, precious stone and metal merchants, auditors, and corporate service providers.
The ministry added that these businesses will remain suspended until they have registered with the goAML system. If they do not rectify their status within three months, they will face more severe sanctions.
2 members of UAE Armed Forces martyred in helicopter crash
UAE participates in extraordinary EU–GCC leaders meeting
UAE welcomes US listing of Sudanese Muslim Brotherhood as terrorist group
UAE ambassador to UN calls for 'de-escalation' in Iran conflict
Dubai ranked world’s cleanest city for sixth consecutive year
Indian education board CBSE postpones Class 12 exams until March 16
Vietnam show support for UAE following Iran attacks
