UAE: Up to AED 1 million fine for money laundering

Violators of anti-money laundering or ultimate beneficial owner procedures may lead to administrative fines ranging from AED 50,000 to AED 1,000,000, according to the Ministry of Economy.

This was announced at the media briefing on the system for combating money laundering, combating the financing of terrorism, the financing of illegal organisations, and the financing of the proliferation of weapons of mass destruction.

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