UAE Government to enforce anti-money laundering rules with AED5m fines

clock • 1 min read

The UAE's Ministry of Economy has initiated inspection campaigns to ensure firms under its scrutiny comply with the registration procedures in line with anti-money laundering regulations aimed at curbing international financial crimes. The ministry said enforcement measures for violating the regulations or failure to register in the systems will come into effect from May 1, 2021. The UAE passed an anti-money laundering and terrorism financing law in 2018. In February, 2021, the Ministry...

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