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.
UAE backs IMO move urging Iran to halt actions endangering Arabian Gulf waters
UAE calls for immediate, unconditional reopening of Strait of Hormuz
H.H. Sheikh Mohammed hails first batch to secure government scholarships
WATCH: Driver caught in Dubai for running red light without number plate
Abu Dhabi tests autonomous patrol boats to boost maritime safety
UAE charges 13 people, 6 firms in Port Sudan arms trafficking case
UAE bans citizens from travel to Iran, Lebanon and Iraq
H.H. Sheikh Mohammed honours winners of Erth Dubai Awards
