The UAE's Ministry of Economy has suspended 50 businesses for three months for failing to register in the anti-money laundering system (goAML) of the Financial Intelligence Unit (FIU).
Through the goAML system, reports of questionable transactions are sent to the FIU. To check for money laundering and terrorist financing schemes, it examines transactions and activities to stop financial crimes that might interfere with the UAE's efforts to adhere to the Financial Action Task Force (FATF) regulations.
The system oversees the mainland and free zones' designated non-financial business and professions (DNFBPs), including real estate brokers and agents, precious stone and metal merchants, auditors, and corporate service providers.
The ministry added that these businesses will remain suspended until they have registered with the goAML system. If they do not rectify their status within three months, they will face more severe sanctions.
UAE leaders mark World Teachers' Day with special message for educators
UAE foils 14 bids to smuggle 300kg of narcotics in under 2 months
Sheikh Abdullah underscores pivotal role teachers play in shaping nation's future
Dubai seizes 408 e-scooters, e-bikes and cycles in Gold Souq area
