The Ministry of Economy (MoE) has extended the deadline for GoAML registration to be 30/04/2021.
Did you know that registration for GoAML and application of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) became a legal obligation! Pursuant to Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering, Combating the Financing of Terrorism and Illegal Organisations, and its implementing regulations. The Ministry of Economy issued circulars No. 5/2021 and 6/2021 on 30/3/2021 on registration in the “GoAML” system. Accordingly, if you are practicing one of the below-mentioned businesses you have to take action ASAP to register for the GoAML system:
- Mediators and real estate brokers.
- Traders of precious metals and gemstones.
- Corporate providers.
- Legal advice (except for attorneys).
As a Designated Non-Financial Businesses and Professions (DNFBP), Failure to report suspicions of money laundering or terrorist financing is a criminal offence under the laws of the UAE.
Should a DNFBP not complete its registration on the ‘goAML’ system by the close of business on 30 April 2021, then the MOE will consider that the firm has contravened Article 20(2) of the Cabinet Decision No. (10) of 2019 for failing to put procedures in place for the reporting of the Suspicious Transactions.
Pursuant to Article 14 of the Federal Decree-law No. (20) of 2018, MOE being, the Supervisory Authority for DNFBPs, may impose administrative penalties on DNFBPs for any violation to the Decree-Law and its Implementing Regulation. Administrative penalties may include, but is not limited to, a financial penalty of AED 50,000 and no more than AED 5,000,000 for each violation.
Accordingly, please kindly register via the link referred to below in order to avoid administrative penalties and fines.
How can Parker Russell UAE help your firm in compliance with AML/CFT?
- Designing AML/CFT policies and procedures customized for the nature of your firm’s businesses and activities.
- Reviewing and assessing the existing AML/CFT policies and procedures.
- Advice for our observations and recommendations to improve the internal controls.
- Outsourcing MLRO position.
- Guiding you through the process of registration with GoAML and Sanction list.