Page 393 - MOE ENGLISH PR REPORT - AUGUST 2024

8/16/24, 1:43 PM UAE amends anti-money laundering laws | The National
Following this, the ministry charged the refineries with 256 violations, amounting to eight

violations for each.

Among the alleged violations were failing to take proper measures to identify money

laundering risks, not making required notifications of suspicious transactions to the
Financial Information Unit and not examining customer and transaction databases against

names on terrorism watch lists.

And, earlier this month, the UAE Central Bank imposed a fine of Dh5.8 million ($1.6

million) on a bank operating in the Emirates for breaching the country's laws on anti-

money laundering and counter-terrorism financing (AML/CFT).

In 2021, the government founded an Executive Office for Anti-Money Laundering and

Counter-Terrorism Financing after passing an anti-money laundering and terrorism

financing law in 2018.

The value of fines imposed by regulatory authorities in the field of Anti-Money

Laundering and Counter-Terrorism Financing between January and October last year

reached Dh249.2 million ($67.9 million), compared with Dh76 million in 2022.

More than Dh10 million in fines imposed as targeted financial sanctions was collected

between July and October 2023.

A sign of the progress made in recent years is that the country was removed from

the Financial Action Task Force’s grey list this February.

The FATF is a global body that combats money laundering and terrorism financing.

The decision to take the UAE off the watchdog’s increased monitoring list was made after

a comprehensive on-the-ground review of its economy. The Emirates was placed on the

grey list in 2022.

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