The Ministry of Economy (MoE) announced the launch of an awareness and monitoring campaign for the Designated Non-Financial Businesses and Professions (DNFBPs) registered in the UAE to register in the system of Financial Intelligence Unit (goAML). The campaign also encourages these target groups to register in the system of Committee for Commodities Subject to Import and Export Control (Automatic Reporting System for Sanctions Lists), and to adopt measures related to both, stipulated by the Federal Law No. 20 of 2018 on combating money laundering crimes and financing of terrorism and illegal organizations, and the regulations and relevant decisions regarding their implementation.
Cabinet Resolution Nos. (3/1و) and (28 م/ 4 و ) of 2019, which vest in the Ministry of Economy the duty of supervising and regulating Designated Non-financial Businesses and Professions (DNFBPs) of entities operating in the State, including the entities operating in commercial free zones, confronting money laundering crimes and combating financing Terrorism and the financing of illegal organization and Accreditation as a regulator.
Designated Non-Financial Businesses and Professions, which are being supervised by MoE with regard to anti-money laundering and combating financing of terrorism, include a wide range of non-financial sectors and activities that are most exposed to money laundering risks. They have been divided according to the implementing regulations of the law – and in line with international standards issued by the Financial Action Task Force (FATF) – into the following four categories:
1) Brokers and Real Estate Agents.
2) Dealers of Precious Metals and Precious Stones.
4) Corporate Service Providers.
The targeted establishments are required to take three main steps to protect their businesses from the risks of money laundering. These are
1.Appointment of a compliance officer in the facility with the responsibility of registering and following up on the two systems.
2.Exercising due diligence on clients by verifying the identity of the customer and the beneficial owner before establishing a business relationship or opening an account and other details described in the implementing regulations.
3.Registration in the ‘goAML’ system, filing of suspicious transaction reports through it, registration in the Automatic Reporting System For Sanctions Lists of the Committee for Commodities Subject to Import and Export Control, and aligning their commercial operations with the lists that the system creates on an ongoing basis.
The registration in both these systems is free and can be done by visiting the Ministry of Economy’s official website.
How we can help:
1.Assist in the registration on goAML Portal
2.Submission of report for reporting a suspicious transaction on goAML Portal.