The Ministry of Economy (MoE) is working to raise awareness among Designated Non-Financial Businesses and Professions (DNFBPs) about the criteria of Federal Law No. 20 of 2018 on combating money laundering and the funding of criminal organizations, as well as its implementing regulations and related decisions.

The registration in the goAML system and the Automatic Monitoring System for Sanctions Lists before the end of the grace period, which has been extended to March 31, is the most relevant among them at this time.

DNFBPs must also take some legal precautions to escape penalties that may include the revocation of their licenses, the closing of their facilities, or fines ranging from Dhs50,000 to Dhs5 million.

In this context, the Ministry took part in a virtual knowledge seminar co-hosted by the Dubai Multi Commodities Center (DMCC) and an Abu Dhabi workshop co-hosted by the Institute of Chartered Accountants of India. The workshop instructed participants about the four types of DNFBPs: brokers and real estate agents, auditors, precious metals and gem dealers, and corporate service providers.

Safeya Al Safi, Director of the Ministry of Economy's Anti-Money Laundering Department, clarified the Ministry of Economy's position as a DNFBP supervisory agency. She also stated that any institution that provides administrative services to assist other establishments and companies in conducting business falls under the category of corporate service providers.

The suppliers of these services complete the necessary procedures for incorporation, registration, and receiving the necessary licenses from the government. They also support their client companies in forming alliances with international companies, as well as global establishments or free zone establishments in the country in organizing partnerships with local establishments or procuring service agents for those international establishments.

They also offer secretarial and other related services, as well as document preparation, commercial and personal transactions for others, and information submission for legal status.

The service providers also send this information to governmental and non-governmental establishments and organizations, and they follow up with them until the processes pertaining to them are finished.

More than 1,000 companies from the DNFBPs field participated in DMCC's virtual symposium. Apart from reviewing anti-money laundering laws and fighting the funding of terrorism and criminal groups, participants were introduced to the federal labor system, the National Anti-Money Laundering Committee.

More than 80 people attended the workshop organized by the Institute of Chartered Accountants of India in Abu Dhabi. The session discussed the steps for registering in the goAML system, and also the idea of naming a "compliance officer" and the most relevant duties entrusted to him.

Apart from filing suspicious reports through the system, various measures and stages of registration in the system's first and second stages were clarified. Case studies and examples of fraudulent transactions were also provided for each of the four specific business sectors and non-financial occupations that are monitored by the Ministry of Economy.

Al Safi stressed the Ministry of the Economy's desire to inform the target sectors about their obligations and vital position in supporting the country's efforts to tackle money laundering and terrorism funding, as well as the risks involved. These efforts would enhance the government's oversight position in safeguarding its assets and businesses. DNFBPs must register in the appropriate systems using the links below.

She went on to say that the Ministry of Economy is uploading all of the anti-money laundering and counter terrorism financing workshops to its official YouTube channel so that all DNFBP businesses, stakeholders, and interested parties can also watch them.