The Ministry of Economy (MoE) revealed the extension of the deadline allowed to Designated Non-Financial Businesses and Professions (DNFBPs) to register in the systems approved for countering money laundering and battling the financing of terrorism, until April 30, 2021.
The extension has been granted because of a large number of organizations in the sector seeking to register in the last days of the previous deadline, which expired on March 31, 2021. Moreover, considering the conditions of companies and the business sector in the wake of Covid-19 pandemic has also been taken into consideration.
What is goAML?
'goAML', is a anti money laundering reporting platform created by the United Nations Office on Drugs and Crime (UNODC) to control organized crimes. Every financial entities and Designated Non-Financial Businesses or Professions need to register on ‘goAML’. The platform will comfort the Financial Intelligence Unit of UAE to hinder money laundering, financing of terrorism and other unlawful financial activities
Why register on goAML
Registration is required to submit suspicious transaction reports (STRs) to the goAML system. goAML is a universally accepted electronic system to assemble and analyze financial and non-financial information to defy money laundering and combat the financing of terrorism
Before the goAML registration you need to realize that there are two registration stages.
- The registration stage in the protection system (SACM) of goAML portal.
- The registration stage in the goAML system.
Money laundering punishment in UAE
The Ministry of Economy has stipulated heavy penalties for organizations that neglect to comply with the Anti-Money Laundering (AML) and Combating Financing of Terrorism requirements by the due date. Organizations that disregard to do so will face fines ranging from Dh50,000 to up to Dh1 million and can be raised to Dh5 million dependent on the arrangements of the law and according to the appraisal of the Supreme Committee for Combating Money Laundering, and Financing of Terrorism and unlawful Organizations.
AED 1 million penalties will be charged on cases of fake bank accounts inability to make a move against clients recorded on domestic or international approvals list prior establishing or proceeding with the business.
A gigantic scope of non-financial business and activities are most exposed to money laundering chances. These have been isolated into four essential classifications
- Brokers and real estate agents: When entering into operations in the interest of their clients for buy and sale of real estate.
- Dealers of valuable metals and gemstones: When they perform any single-cash exchange or several seemingly related transactions with an estimation of Dh55,000 or more.
- Independent auditors and accountants: When they prepare, handling or carry out financial operations for the benefit of their clients, related to the following activities
- Buying and selling real estate.
- Managing money that the client owns.
- Managing financial, savings or stock accounts.
- Contributing to Operating, establishing, or managing companies.
- Operating, establishing, or managing companies, or legal arrangements.
- Buying and selling commercial entities.
- Corporate service providers and trust funds: When they attempt or execute an operation for the benefit of their clients or on their behalf in relation to the following activities:
- Work as an agent in establishing organizations.
- - Working or setting another person to work as a director or company secretary, or as a partner in the organization.
- Providing a registered office, place of residence, business address, administrative address of a legal person, address for correspondence, or legal arrangement.
- Act as trustee for a direct trust fund or to perform a similar function for another type of legal arrangement.
- Working or setting up someone else to go about as an investor for someone else.
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Economic Substance Regulations (ESR)