200 law firms suspended in UAE for failing to comply with anti-money laundering procedures

Abu Dhabi: A total of 200 law firms in the UAE that had failed to comply with anti-money laundering procedures have been suspended from practicing for one month.


The Ministry of Justice has also called upon law firms to take necessary measures against money laundering and terrorist financing, Wam reported. The necessary legal measures are outlined in Federal Decree 20 of 2018 with regard to money laundering, executive regulations, and relevant ministerial decisions. The decree is part of the UAE’s efforts to address the risks associated with financial crimes.


Combating money laundering

The Ministry emphasised the importance of law firms’ role in combating money laundering, as well as the need for lawyers to assume their role in fighting such crimes. Lawyers must also handle clients carefully, report suspicious transactions, and maintaining proper records, the Ministry urged. It added that it had taken recent action against non-compliant lawyers, in addition to the law firm suspensions.



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Article written for & by Gulf News

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