https://gulfnews.com/business/markets/uae-fines-firm-dh5-million-refers-it-for-money-laundering-violations-1.500209887

The Securities and Commodities Authority (SCA) has fined a licensed entity Dh5 million and referred it to the Public Prosecution for legal action.

The action follows violations of laws related to anti-money laundering, combating the financing of terrorism and illegal organisations, as well as other regulatory breaches.

An investigation revealed that the entity had colluded with a foreign company outside the country in misleading practices that targeted investors within the UAE. These practices included falsely implying that the foreign company was licenced by the authority, with the intent of unlawfully obtaining client funds.

The referral to the case to competent judicial authorities underscores the SCA’s firm stance on promoting transparency and enforcing the highest standards of regulatory compliance in the financial sector.

The authority reiterated its ongoing commitment to market oversight and the strict enforcement of legal and regulatory frameworks, reinforcing the UAE’s position as a global financial hub enjoying the highest principles of integrity and transparency.