OPINION: UAE’s Strong Commitment to AML Compliance: DNFBPs Beware!
Since the issuance of a report on the UAE in 2020 by the global money laundering and terrorist financing watchdog, the Financial Action Task Force (“FATF’) (see: FATF Mutual Evaluation Report on the UAE released), the UAE has taken significant steps to increase the effectiveness of the UAE’s anti-money laundering and counter-terrorist financing (“AML/CFT”) system.
In recent years, particular attention has been paid to Designated Non- Financial Businesses and Professions (“DNFBPs”) previously found to have lacked sufficient supervision and oversight.
The recent announcement of the imposition of fines amounting to Dh22.6 million imposed on 29 DNFBPs by the UAE’s Ministry of Economy (“MoE”) is another demonstration of the seriousness and effective enforcement within the UAE of AML/ CFT standards.
The UAE stands out for its public–private sector collaboration in almost all areas of economic development. AML/CFT regulation is no exception. The MoE has been particularly proactive in its open engagement with private DNFBPs. The engagement aims to sharpen industry knowledge of key risks in the DNFBP sector, regulatory and enforcement developments, and the importance of communication between the public and private sectors to prevent financial crime. DNFBP’s should take these opportunities and partner with the authorities to protect the stability and integrity of the financial system.
Who we are
Re/think is a boutique accounting, regulatory and compliance, VAT advisory, audit, HR consultancy, recruitment, and business advisory firm. We specialize in assisting SME clients with cost-effective, high-quality services and solutions. We create value by investing in highly qualified and motivated people and working closely with leading industry partners to provide our clients with a one-stop shop for all of your business requirements.
Our Regulatory and Compliance Team is recognized by Regulators in DIFC (DFSA) and ADGM (FSRA) as expert consultants. Our compliance skills are further supported by the excellent work of our Finance team, together allowing us to provide full support to authorized firms.