News

The Financial Services Regulatory Authority (FSRA) of ADGM has withdrawn the registration of Emirates Advocates LLP as a Designated Non-Financial Business or Profession (DNFBP) for failing to comply with certain requirements of the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:

1. comply with the reporting requirements of the AML Rules for a significant period, and had not rectified such failures; and
2. implement and maintain policies, procedures, systems and controls that were adequate to ensure compliance with certain requirements in the AML Rules.

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.