According to Amac News: statement from the NAMLCFTC, Hamid Al-Dhabi, Secretary General of the National Anti-Money Laundering Committee, stressed the UAE's significant progress in the fight against financial crime.
He highlighted the recent reforms in anti-money laundering and anti-terrorist financing laws, saying that in 2023, the UAE will impose fines of more than AED 254 million in connection with money laundering.
He added that the UAE had seized assets worth over AED 2.348 billion for violating anti-money laundering procedures and procedures.
Al-Dhabi said the UAE’s central bank conducted more than 119 field inspections last year and imposed about Dh113 million in fines, while the Ministry of Economy also conducted 3,371 field inspections and imposed fines totaling Dh101 million in 2023.
The number of suspicious reports related to the gold sector increased from 223 in 2021 to 6,432 in 2023, according to Al-Dhabi. Inspections in the gold sector increased about twenty-fold, leading to clear enforcement actions, including the imposition of fines amounting to AED 78.65 million.
In August, the Ministry of Economy suspended 32 local gold refineries for failing to comply with anti-money laundering laws. The refineries were accused of committing 256 violations and suspended between July and October 2024.
He explained that the UAE has signed 45 mutual legal assistance agreements in line with the efforts of the Ministry of Justice, while plans are underway to sign new mutual legal assistance agreements in 2024 and 2025.