The UAE’s Ministry of Economy (MoE) has extended the deadline granted to Designated Non-Financial Businesses and Professions (DNFBPs) to register in the systems approved for countering money laundering and combating the financing of terrorism, until April 30.

The extension has been granted due to a large number of companies in the sector coming forward to register in the last days of the previous deadline, which expired on March 31, 2021, reported state news agency Wam.

Furthermore, the unusual circumstances faced by companies and the business sector in the wake of Covid-19 pandemic has also been taken into consideration.

The Ministry explained that it is mandatory for the targeted companies, which include brokers and real estate agents, auditors, dealers of precious metals and gemstones, and corporate service providers, to register in the goAML system and the Automatic Reporting System for Sanctions Lists before the end of the new deadline. The registration in these systems can be done free of cost.

After the registration, they should also take the specified measures to ensure full compliance with the requirements of Federal Law No. 20 of 2018 on anti-money laundering, combating the financing of terrorism and illegal organizations, and their implementing regulations and relevant decisions.

The Ministry called on the concerned companies to take advantage of the new extended period for registration to avoid the penalties and fines stipulated in the law, which will be imposed starting from May 1, 2021. Fines start from AED50,000 ($13,610) and go up to AED5 million, while the penalties for companies that fail to register could even lead to the revocation of the license or closure of the facility itself.

Abdullah Sultan Al Fan Al Shamsi, Assistant Undersecretary for the Monitoring and Following-up Sector at the Ministry of Economy, explained that due to an increased levels of response from the DNFBPs identified for compulsory registration, the Ministry of Economy, in coordination with its partners from the relevant government entities, decided to extend the grace period granted to the target companies and give them more time until the end of the current month to complete the registration process.

Once the registration process is complete, they should start taking the necessary legal measures to ensure full compliance with the requirements of the law and its implementing regulations.

Al Shamsi said: "The goal is not to impose violations, but to ensure compliance, and the decision was taken considering the conditions that various companies and business sectors are going through as a result of the Covid-19 pandemic and its repercussions on a global scale."