MoE continues efforts to ensure DNFBPs’ compliance

Business Bureau, Gulf Today

The Ministry of Economy (MoE) continues its efforts to raise the awareness levels of Designated Non-Financial Businesses and Professions (DNFBPs) on the requirements of Federal Law No. 20 of 2018 on countering money laundering, combating the financing of illegal organisations, and their implementing regulations and related decisions.

 The most important among them in the current stage is their registration in the goAML system and the Automatic Reporting System for Sanctions Lists before the end of the grace period, which has been extended to March 31. Following their registration in the two systems, DNFBPs are also required adopt some legal measures to avoid penalties that can even result in the revocation of the license or the closure of the facility itself, or fines that range from Dhs50,000 and go up to Dhs5 million.

In this context, the Ministry participated in an awareness virtual seminar in cooperation with the Dubai Multi Commodities Center (DMCC), and in a workshop in cooperation with the Institute of Chartered Accountants of India in Abu Dhabi. The workshop educated the attendees on the four categories that fall under DNFBPs, namely: brokers and real estate agents, auditors, precious metals and gem dealers, and corporate service providers.

Safeya Al Safi, Director of the Anti-Money Laundering Department at the Ministry of Economy, explaned the role of Ministry of Economy as a supervisory body of DNFBPs, she explained also that the category of corporate service providers includes every establishment that offers administrative services to assist other establishments and companies in conducting business.

The providers of these services carry out the procedures required for incorporation, registration and obtaining the necessary licenses from the official authorities. They also assist their client companies in entering partnerships with foreign companies, as well as assisting foreign establishments or free zone establishments in the country to facilitate their work inside the country in terms of arranging a partnership with local establishments or procuring service agents for those foreign establishments.

In addition, they provide secretarial services and other related services, as well as preparation of documents, commercial and personal transactions for others, submission of information to obtain legal status.

The service providers also submit this information to governmental and non-governmental establishments and institutions and follow up with those establishments and institutions until the procedures related to them are completed.

The virtual symposium organized by DMCC was attended by more than 1,000 companies from DNFBPs sector. The session reviewed the laws governing anti-money laundering and combating the financing of terrorism and illegal organizations apart from introducing participants to the federal labor system, the National Anti-Money Laundering Committee, and the country’s efforts in that matter.

Meanwhile, the workshop organized by the Institute of Chartered Accountants of India in Abu Dhabi witnessed the attendance of more than 80 members. The session elaborated on the steps for registration in the goAML system, clarifying the concept of appointing a ‘compliance officer’ and the most important tasks assigned to him.

Furthermore, various steps and stages of registration in the system in its first and second stages were explained, apart from filing suspicious reports through the system. The session also presented case studies and examples of suspicious transactions for each of the four specific business sectors and non-financial professions that are subject to the supervision of the Ministry of Economy.

Al Safi underlined MoE’s keenness to educate the target sectors of their responsibilities and pivotal role in supporting the country’s efforts with regard to combating money laundering and terrorism financing and their risks. These efforts will be reflected in strengthening the role of government supervision to protect its investments and business. DNFBPs must follow the below links for registrations in the required systems.

She further explained that the Ministry of Economy is uploading all the workshops on anti-money laundering and combating terrorism financing onto its official YouTube channel to enable all DNFBP companies, stakeholders and interested parties to view their content, on YouTube.