The UAE Ministry of Economy has suspended 50 companies for three months during the third quarter of 2023, for failing to register in the anti-money laundering system (goAML) of the Financial Intelligence Unit (FIU).

This was announced in an official statement issued on Monday.

UAE cracks down on money laundering

In an effort to combat money laundering and terrorist financing and comply with Financial Action Task Force (FATF) regulations, the UAE’s Financial Intelligence Unit (FIU) receives reports of suspicious transactions through the goAML system

The FIU examines these transactions and activities to detect and prevent financial crimes that could undermine the UAE’s regulatory efforts.

TheMinistry responsible for overseeing designated non-financial businesses and professions (DNFBPs) in both mainland and free zones has stated that it exercises supervision over these entities.

This category includes real estate brokers and agents, dealers in precious stones and metals, auditors, and corporate service providers.

Moreover, the ministry said that these businesses will remain inactive until they complete their registration with the goAML system.

Failure to rectify their status within a three-month period will result in more stringent sanctions being imposed.