The UAE has fined three companies Dh2.25 million ($612,000) for breaching provisions of the Anti-Money Laundering and Counter Terrorism Financing (AML/CFT) law.
Two of the organisations, which were not named, are in the gold and gemstones sector while the third is in the real estate sector.
Imposing sanctions on companies and property found to be in breach of the law supports the UAE's efforts to strengthen the compliance of designated non-financial businesses and professions (DNFBPs), said Abdullah Al Shamsi, Assistant Undersecretary responsible for the Monitoring and Follow Up Sector at the Ministry of Economy.
The ministry said it had conducted inspections of economic activities under its supervision, those enlisted within the business sector and DNFBPs in the last stage.
These include brokers, estate agents, gold and gemstones merchants, auditors and service providers. The number of companies working in these fields stands at about 15,000, all operating under the ministry’s supervision.
The UAE has made significant progress in combating money laundering, terrorism financing and the proliferation of weapons over the past few years.
The country's Financial Intelligence Unit — the central agency that works closely with authorities to determine links between possible proceeds of crime, money laundering or terrorist financing — reported a 51 per cent annual rise in the number of suspicious transaction reports (STRs) logged in the first quarter of 2022.
The UAE has seized and confiscated assets worth more than Dh4.73 billion ($1.29bn) in the 12 months through to the end of July.
Assets worth Dh2.54bn were seized by authorities while assets worth Dh2.19bn were confiscated in the one-year period, Hamid Al Zaabi, director general of the UAE’s Executive Office of Anti-Money Laundering and Counter Terrorism Financing, told The National in an interview last month.
In August, the UAE introduced new reporting requirements for “certain real estate transactions” conducted in the country to fight money laundering and terrorism financing.
As part of the directive, all real estate agents, brokers and law firms are required to file reports to the Financial Intelligence Unit on the purchase and sale transactions of freehold properties that involve three methods of payment, whether for a portion or the entirety of the property value.
Dolittle
Director: Stephen Gaghan
Stars: Robert Downey Jr, Michael Sheen
One-and-a-half out of five stars
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
THE%20JERSEYS
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The Scale for Clinical Actionability of Molecular Targets
COMPANY%20PROFILE
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Killing of Qassem Suleimani
MATCH INFO
Champions League last 16, first leg
Tottenham v RB Leipzig, Wednesday, midnight (UAE)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Lowest Test scores
26 - New Zealand v England at Auckland, March 1955
30 - South Africa v England at Port Elizabeth, Feb 1896
30 - South Africa v England at Birmingham, June 1924
35 - South Africa v England at Cape Town, April 1899
36 - South Africa v Australia at Melbourne, Feb. 1932
36 - Australia v England at Birmingham, May 1902
36 - India v Australia at Adelaide, Dec. 2020
38 - Ireland v England at Lord's, July 2019
42 - New Zealand v Australia in Wellington, March 1946
42 - Australia v England in Sydney, Feb. 1888