money laundering; Dubai fines 270 companies for violating rules

Dubai: Authorities have fined 270 companies in Dubai for money laundering. The authorities have fined 300 crore dirhams from 270 companies. This was revealed by the Executive Office for the Prevention of Money Laundering and Anti-Terrorist Financing. Last year also, this kind of examination was strengthened. 3,000 companies have been fined for not complying with the law. Over 750 on-site inspections were conducted last year. Enforcement actions and fines worth Dh7.5 crore were levied last year on off-site inspections.

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The authorities have already stated that measures to prevent black money will be taken to ensure a safe financial environment for businesses operating in the country. Strong legal action will be taken against those who commit crimes like money laundering, fraud and illegal acquisition of property.

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Strong legal action has been taken to prevent the crimes taking place in the country. After proving such a case months ago, an Arab citizen was sentenced to ten years in prison in Abu Dhabi. A fine of five lakh dirhams was imposed on each institution for illegal activities. 39 million dirhams in the account were also confiscated. Strong legal action will be taken against organized crime in the country. Officials have warned that if they do anything that harms the economic stability of the country, they will take strong legal action against them.

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