By staff Reporter
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has withdrawn the registration of Emirates Advocates as a Designated Non-Financial Business or Profession (DNFBP) for not adhering to its regulations.
The regulator said that DNFBP failed to comply with certain requirements of the FSRA’s Anti-Money Laundering and Sanctions Rules and Guidance Rulebook.
It added that Emirates Advocates registration was withdrawn because it failed to comply with AML Rules “for a significant period and had not rectified such failures”.
In addition, the company failed to implement and maintain policies, procedures, systems and controls that were adequate to ensure compliance with certain requirements in the AML Rules.
“The FSRA is steadfast in its support of the UAE’s commitment to prevent money laundering and the financing of terrorism. Compliance by DNFBPs with federal and FSRA anti-money laundering requirements is critical in combatting financial crime. The FSRA will not hesitate to take action against DNFBPs that fail to comply with their AML obligations,” said Emmanuel Givanakis, CEO of FSRA.
FSRA said that the action has been taken against the entity — Emirates Advocates — registered under licence number 000001769 and not any other entities operating under the same or similar trading names outside ADGM, including in the UAE.
Therefore, Emirates Advocates is no longer allowed to provide legal consultancy in ADGM.
Previously, the FSRA had taken disciplinary action against Emirates Advocates for failures to comply with its AML Rules.
In May 2021, the FSRA imposed a financial penalty of $10,000 on Emirates Advocates for failing to submit a return required under the AML Rules.
In September 2023, the FSRA imposed a financial penalty of $26,000 on Emirates Advocates LLP for failing to register for the goAML reporting system.
