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ADGM FSRA: 27 Mar 2025
The Financial Services Regulatory Authority (FSRA) of ADGM has withdrawn the registration of Emirates Advocates LLP as a Designated Non-Financial Business or Profession (DNFBP) for failing to comply with certain requirements of the FSRA’s Anti-Money Laundering and Sanctions Rules and Guidance Rulebook (AML Rules).
The FSRA’s action concerns only Emirates Advocates LLP registered in the ADGM (licence number: 000001769) and not any other entities operating under the same or similar trading names outside of the ADGM, including in the UAE.
As a result of the FSRA’s action, Emirates Advocates LLP is no longer allowed to undertake legal consultancy in the ADGM.
The FSRA withdrew the registration of Emirates Advocates LLP as a DNFBP because it found that Emirates Advocates failed to:
The FSRA has previously taken disciplinary action against Emirates Advocates LLP for failures to comply with its AML Rules. In May 2021, the FSRA imposed a financial penalty of USD10,000 on Emirates Advocates LLP for failing to submit a return required under the AML Rules, and in September 2023, the FSRA imposed a financial penalty of USD26,000 on Emirates Advocates LLP for failing to register for the goAML reporting system.
Emmanuel Givanakis, Chief Executive Officer of the FSRA, said: “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.”
A copy of the FSRA’s Final Notice can be found on the ADGM website here.
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