Two hundred law firms had their licences suspended for a month by the UAE's Ministry of Justice for breaching anti-money laundering regulations.
The firms failed to appoint a compliance officer, fill out a questionnaire relating to money-laundering laws or update their data as requested.
The suspensions were handed down last week.
On Tuesday, the ministry said the penalties also included fines ranging from Dh50,000 to Dh5 million.
It called on law firms to take whatever measures necessary to ensure anti-money laundering and anti-terrorist financing obligations are fufilled.
Law firms are legally obliged to penalise offenders under Federal Decree 20 of 2018, which relates to money laundering.
Officials organised online meetings and workshops to explain the importance of the measures after regulations were updated in August.
Lawyers were told how the mandatory safeguards were part of wider efforts to prevent firms being used in money-laundering schemes.
The measures include ensuring that suspected financial crimes by lawyers were reported to authorities.
On September 22, law firms were urged to visit the smart lawyers system on the ministry's website, elawyer.moj.gov.ae, or check with the anti-money laundering department to ensure they were in compliance with regulations.
A three-day grace period was granted to practices and the ministry warned of penalties for those who failed to adopt the measures.
On Tuesday, the ministry said the suspension of the 200 law firms would be lifted once lawyers in charge of the department's legal management office could prove they fulfilled their obligations under Ministerial Resolution 533 of 2019 on combating money laundering.
"The fight against money laundering and terrorist financing is of utmost priority for the UAE, with a Ministerial Higher Committee overseeing the National Strategy on Anti-Money Laundering and the Financing of Terrorism being established under the chairship of His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation," a statement from the ministry read.
Zayed Al Shamsi, chairman of the Emirates Association for Lawyers and Legal Consultants, called on lawyers to contact the ministry and ensure they were following the measures.
Mr Al Shamsi said some of the practices involved had since had their suspensions lifted after complying with the directives.
“The status of more than 65 law firms was modified, allowing them to practise after they complied with the decisions of the Ministry of Justice,” he tweeted on Sunday.
The United Nation's Office on Drugs and Crime estimates that the amount of money laundered globally in one year is between 2 to 5 per cent of global GDP, or $800 billion - $2 trillion in current US dollars.
Though the margin between those figures is huge, even the lower estimate underlines the seriousness of the problem.
Last month, the UAE Central Bank said it was committed to strengthening the local banking sector to combat all types of financial crimes.
CBUAE will continue to work alongside central banks and monetary authorities to develop plans and policies aimed at swiftly and effectively responding to crises," said Abdulhamid Alahmadi, governor of the Central Bank of the UAE.
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Racecard
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5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
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- Seth Rollins won the Intercontinental title against The Miz and Finn Balor
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J Charles 35, M Pretorius 1-19, Z Khan 0-16
Deccan Gladiators 111-5 in 8.3 overs
K Pollard 45*, S Zadran 2-18
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Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
COMPANY PROFILE
Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar
Based: Dubai, UAE
Founded: 2014
Number of employees: 36
Sector: Logistics
Raised: $2.5 million
Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE
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