The UAE’s National Committee for Combating Money Laundering and Countering the Financing of Terrorism and Illicit Organisations has initiated a data collection process to assess money laundering risks. Established within the Ministry of Economy in September 2024, the committee aims to enhance compliance and strengthen the country’s financial integrity.
Businesses in specific sectors are required to submit detailed information to the Ministry of Economy by 16 December 2024. These sectors include:
- Real estate brokers and agencies
- Sellers of precious metals and stones
- Independent accountants and auditors
- Corporate service providers
The Ministry of Economy has sent out detailed questionnaires via email to the affected businesses. The questionnaire comprises 298 questions covering the operational period from 1 January to 31 December 2023. Companies must provide accurate and complete answers by the deadline.
Failure to submit the required information or providing false data will result in fines and administrative penalties.
This initiative aligns with the UAE’s National Strategy for Combating Money Laundering and Countering the Financing of Terrorism (2024-2027). The country has adopted key legislative frameworks, including Federal Decree-Law No. 20 of 2018, aimed at combating money laundering, terrorist financing, and funding illicit organisations.
These measures aim to create a transparent and secure environment for businesses and investments, further solidifying the UAE’s reputation as a global economic hub.