Latest news with #financial crime
The National
24-07-2025
- Business
- The National
UAE imposes $11.4m in fines during first half of 2025 on money laundering offenders
The UAE has imposed fines of more than Dh42 million ($11.4 million) on private sector entities during the first half of 2025 for not complying with money laundering regulations, as the government continues its fight against illicit financing activities. A total of 1,063 breaches were discovered in the six months through the end of June across four categories, state news agency Wam quoted the Ministry of Economy of Tourism as saying on Thursday. Companies in the metals and gemstones sector committed 473 breaches, resulting in fines totalling Dh20 million, the ministry said. Real estate brokerages tallied 495 breaches that merited Dh18.5 million in penalties, while corporate service providers had 95 breaches, which resulted in fines of more than Dh4 million. The actions are part of the progress made by the ministry in developing its regulatory enforcement system, which is based on 'an advanced methodology aimed at ensuring the highest levels of compliance', said Safia Al Safi, assistant under-secretary for commercial control and governance at the ministry. The 'clear mechanism' for on-site inspections enables a business environment 'based on transparency and governance, and to activate proactive oversight tools to address risks related to money laundering and terrorist financing', she added. The UAE has made significant strides in the fight against financial crime in recent years. Effective policies on anti-money laundering and combating the financing of terrorism are key to the integrity and stability of the international financial system and the economies of nations, according to the International Monetary Fund. In September last year, the UAE announced a nationwide action plan aimed at boosting its fight against illicit financial activity by introducing the 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing. Last year, the government amended its laws on anti-money laundering, and the financing of terrorism and illegal organisations. A National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations has been formed as a result. And in a major vote of confidence, the EU earlier this month voted to remove the UAE from its list of countries that pose a high risk for money laundering and terrorist financing. The Financial Action Task Force, the global body that combats money laundering and terrorism financing, removed the UAE from its 'grey list' in February last year after significant progress on reforms. The Emirates was placed on that list in 2022. The imposition of administrative penalties primarily aims to 'encourage establishments to rectify their situations and improve their internal systems, particularly with regard to implementing due diligence procedures', Ms Al Safi said. This in turn would help in 'improving the quality of risk assessments and enhancing the reporting of suspicious transactions', she added.
Reuters
24-07-2025
- Business
- Reuters
India to launch probe into Anil Ambani's Reliance Group on Thursday, source says
July 24 (Reuters) - India's financial crime fighting agency will cover over 35 premises, 50 companies and over 25 persons associated with Anil Ambani's Reliance Group in a search operation on Thursday, a government source said. The Enforcement Directorate is investigating Anil Ambani's Reliance group entities for alleged money laundering, the government source added.
Khaleej Times
20-07-2025
- Business
- Khaleej Times
India's financial crime fighting agency summons Google, Meta executives, sources say
India's financial crime fighting agency has summoned executives of tech giants Google and Meta to its headquarters on Monday as it investigates accusations of money laundering on online betting apps, two government sources said. The Enforcement Directorate (ED) is investigating whether the platforms eased the way for promotion and wider reach of betting apps through advertisements, the first source said. A date of July 21 has been set for the appearances at the agency's headquarters in the capital, New Delhi, the source added. A second government source accused Google and Meta of using their platforms to promote illegal activities, despite a government advisory against the advertisement of any form of betting. The agency will investigate Google and Meta over the funds they received from betting apps, the second source added, as well as checking if they were advertising or promoting any other betting platforms. Both sources sought anonymity as they were not authorised to speak to media. Google and Meta did not immediately respond to Reuters' requests for comment. Betting and gambling pose "significant financial and socio-economic risks for consumers, especially youth and children," India's information and broadcasting ministry told television channels and digital media in an advisory in 2022. Promotion of offline or online betting and gambling through advertisements was not advised in the larger public interest, the ministry added.
Al Arabiya
19-07-2025
- Business
- Al Arabiya
India's financial crime fighting agency summons Google, Meta executives, sources say
India's financial crime fighting agency has summoned executives of tech giants Google and Meta to its headquarters on Monday as it investigates accusations of money laundering on online betting apps, two government sources said. The Enforcement Directorate (ED) is investigating whether the platforms eased the way for promotion and wider reach of betting apps through advertisements, the first source said. A date of July 21 has been set for the appearances at the agency's headquarters in the capital, New Delhi, the source added. A second government source accused Google and Meta of using their platforms to promote illegal activities, despite a government advisory against the advertisement of any form of betting. The agency will investigate Google and Meta over the funds they received from betting apps, the second source added, as well as checking if they were advertising or promoting any other betting platforms. Both sources sought anonymity as they were not authorized to speak to media. Google and Meta did not immediately respond to Reuters' requests for comment. Betting and gambling pose 'significant financial and socio-economic risks for consumers, especially youth and children,' India's information and broadcasting ministry told television channels and digital media in an advisory in 2022. Promotion of offline or online betting and gambling through advertisements was not advised in the larger public interest, the ministry added.
CNA
19-07-2025
- Business
- CNA
India's financial crime fighting agency summons Google, Meta executives, sources say
India's financial crime fighting agency has summoned executives of tech giants Google and Meta to its headquarters on Monday as it investigates accusations of money laundering on online betting apps, two government sources said. The Enforcement Directorate (ED) is investigating whether the platforms eased the way for promotion and wider reach of betting apps through advertisements, the first source said. A date of July 21 has been set for the appearances at the agency's headquarters in the capital, New Delhi, the source added. A second government source accused Google and Meta of using their platforms to promote illegal activities, despite a government advisory against the advertisement of any form of betting. The agency will investigate Google and Meta over the funds they received from betting apps, the second source added, as well as checking if they were advertising or promoting any other betting platforms. Both sources sought anonymity as they were not authorised to speak to media. Google and Meta did not immediately respond to Reuters' requests for comment. Betting and gambling pose "significant financial and socio-economic risks for consumers, especially youth and children," India's information and broadcasting ministry told television channels and digital media in an advisory in 2022. Promotion of offline or online betting and gambling through advertisements was not advised in the larger public interest, the ministry added.
