The ADGM Financial Services Regulatory Authority (FSRA) has withdrawn the registration of Emirates Advocates LLP as a Designated Non-Financial Business or Profession (DNFBP) for failing to comply with certain requirements in the FSRA’s Anti-Money Laundering and Sanctions Rules and Guidance Rulebook (AML Rules). As a result, Emirates Advocates LLP is no longer permitted to undertake legal consultancy in the Abu Dhabi Global Market (ADGM). The withdrawal applies only to Emirates Advocates LLP registered in ADGM (licence number 000001769), and not to entities using the same or similar trading names outside ADGM. The FSRA found the firm failed to comply with AML Rules reporting requirements for a significant period without rectifying those failures, and failed to implement and maintain adequate policies, procedures, systems and controls to ensure compliance with certain AML Rules requirements. The FSRA also noted prior disciplinary action, including a USD 10,000 penalty in May 2021 for failing to submit a return required under the AML Rules and a USD 26,000 penalty in September 2023 for failing to register for the goAML reporting system.
ADGM Financial Services Regulatory Authority 2025-03-27
ADGM Financial Services Regulatory Authority withdraws Emirates Advocates LLP DNFBP registration for AML Rules non-compliance
The ADGM Financial Services Regulatory Authority has withdrawn the registration of Emirates Advocates LLP as a Designated Non-Financial Business or Profession for non-compliance with Anti-Money Laundering and Sanctions Rules. This action, specific to the firm's ADGM registration, follows previous penalties for AML reporting failures. Emirates Advocates LLP can no longer provide legal consultancy in the Abu Dhabi Global Market.