Page 232 - MOET ENGLISH PR REPORT - JULY 2025

7/29/25, 11:42 AM UAE imposes $11.4m in fines during first half of 2025 on money laundering offenders | The National
Countering the Financing of Terrorism and Proliferation Financing.

Last year, the government amended its laws on anti-money laundering, and the financing of terrorism
and illegal organisations. A National Committee for Anti-Money Laundering and Combating the

Financing of Terrorism and Financing of Illegal Organisations has been formed as a result.

And in a major vote of confidence, the EU earlier this month voted to remove the UAE from its list of

countries that pose a high risk for money laundering and terrorist financing.

The Financial Action Task Force, the global body that combats money laundering and terrorism
financing, removed the UAE from its “grey list” in February last year after significant progress on
reforms.

The Emirates was placed on that list in 2022.

The imposition of administrative penalties primarily aims to “encourage establishments to rectify their
situations and improve their internal systems, particularly with regard to implementing due diligence
procedures”, Ms Al Safi said.

This in turn would help in “improving the quality of risk assessments and enhancing the reporting of

suspicious transactions”, she added.

Record $1.36m fine for company

Meanwhile, the UAE's Securities and Commodities Authority on Thursday said it has imposed a record
fine of Dh5 million ($1.36 million) on a licensed company for violation of anti-money laundering
regulations.

The company, which it did not identify, was found to have engaged in "deceptive practices targeting

investors within the UAE by falsely suggesting that the foreign company was licensed by the [SCA],
with the intent of misappropriating client funds", the authority said in a statement.

The case has been referred to judicial authorities and underscores the SCA's commitment to
transparency and upholding the highest standards of regulatory compliance.

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