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We commit To

Taking Measures to Combat Money Laundering and Terrorism Financing Crimes

The UAE is committed to combatting illegal financial activities such as money laundering and financing of terrorism. The country’s policies and strategies detect and deter financial crimes on its soil, and prevent the use of its lands as a transit route or to transfer funds resulting from any criminal activity. The UAE also supports global efforts to counter money laundering and combat the financing of terrorism, seeking to fully implement the standards of the Financial Action Task Force (FATF).

What is Money Laundering?

Money laundering is defined as any financial or banking transaction aimed at concealing or changing the source of illegally obtained funds, by passing it through the financial and banking system in order to make it appear as originating from legitimate sources, and then re-pumping and investing it illegally.

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The Risks of Money Laundering and Terrorism Financing

  • 01

    Economic recession

  • 02

    Increase in crime and corruption

  • 03

    Threat to economic stability

  • 04

    Weaken financial institutions

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AML/CFT Framework in the UAE

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MoE as the Supervisory Authority provides

A Safe Working Environment for the Business Sector

The Ministry of Economy, as the supervisory authority, is entrusted with the supervision of the ‘Designated Non-financial Businesses and Professions’ (DNFBPs) sector at the state level and commercial free zones in order to combat money laundering and financing of terrorism. It is committed to developing a strong regulatory framework and providing a safe environment for organisations, companies, and DNFBPs to work according to international best practices. It also contributes towards raising the competitiveness of the state’s economic, investment and financial environment, building an attractive business and investment climate within various sectors, and creating a balanced, flexible and sustainable future economic model. The priorities include providing all possible forms of knowledge, guidance and training support for Designated Non-financial Businesses and Professions, and raising their level of awareness to be able to fulfil their commitments, in partnership with various economic sectors. The main objective of the efforts of the Ministry of Economy at the international level is to raise the level of compliance with international requirements and maintain the top position and positive reputation of the national economy in global markets as well as with all countries and international partner organisations.

The Operational Plan Includes

Developing the Regulatory Framework to Combat Money Laundering and Terrorism Financing

The Ministry of Economy announced the development of its operational plan and initiatives under the National Strategy on Anti-Money Laundering and Countering Financing of Terrorism, through the role it plays in supporting the UAE’s efforts in combatting money laundering practices, and strengthening its framework for action in fighting money laundering crimes, as well as combatting the financing of terrorism and financing illegal organisations locally and globally. The Ministry has established a specialised department within its organisational structure, called the ‘Anti-Money Laundering Department,’ to follow up and implement its operational strategy with regard to awareness, control and inspection of all activities listed under the designated non-financial businesses and professions sectors, in accordance with the provisions of Federal Decree Law No (20) of 2018 on Anti-Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organisations, and its Implementing Regulation. This contributes to raising the competitiveness of the economic, investment and financial environment in the UAE, creating an attractive environment for business and investment, and consolidating the country’s position as an economic leader.

Sectors of Designated Non-Financial Businesses and Professions

The DNFBPs include a wide range of non-financial sectors and activities that are mostly exposed to the risks of money laundering and misuse of commercial transactions and the funds traded in them for the purposes of money laundering or other illegal practices, given the nature of the services they provide or the products they deal with. This falls in line with international standards issued by FATF.

 Brokers and
real estate agents

 Dealers of precious
metals and gemstones

 Independent
accountants and auditors

 Corporate
service providers

International Standards

The Financial Action Task Force – FATF

The Financial Action Task Force (FATF) is an intergovernmental organisation based in the French capital, Paris. Founded in 1989, it aims to combat currency counterfeiting and terrorist financing. FATF recommendations set out a comprehensive and consistent framework of measures that countries should implement in order to combat money laundering and the financing of terrorism, in addition to financing the proliferation of weapons of mass destruction. Since the legal, administrative and operational frameworks and financial systems vary from one country to another, it is not possible for all of them to take identical measures to confront these threats. Therefore, the FATF recommendations set an international standard, which countries should implement by taking measures that have been adapted to their own circumstances.

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Federal Decree Law No (26) of 2021 to amend certain provisions of Fedreral Decree Law No (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations
Federal Decree by Law No (20) of 2018 on Anti-Money Laundering and Combatting the Financing of Terrorism and Illegal Organisations
Cabinet Decision No (10) of 2019 concerning the Implementing Regulation of Decree Law No (20) of 2018 on Anti-Money Laundering and Combatting the Financing of Terrorism and Illegal Organisations
Cabinet Resolution No (24) of 2022 Amending some provisions of Cabinet Resolution No (10) of 2019 On the Executive Regulations Of Federal Decree-Law No (20) of 2018 on Combating Money Laundering and the Financing of Terrorism and Illegal Organizations
Cabinet Resolution No. (53) of 2021 Concerning the Administrative Penalties against Violators of The Provisions of the Cabinet Resolution No. (58) of 2020 Concerning the Regulation of Beneficial Owner Procedures
Cabinet Decision No. (16) of 2021 Regarding the Unified List of the Violations and Administrative Fines for the Said Violations of Measures to Combat Money Laundering and Terrorism Financing that are Subject to the Supervision of the Ministry of Justice and the Ministry of Economy
Cabinet Decision No (58) of 2020 Regulating the Beneficial Owner Procedures
Cabinet Resolution No (74) of 2020 regarding the Terrorism Lists Regulation and Implementation of UN Security Council Resolutions on the Suppression and Combatting of Terrorism, Terrorist Financing, Countering the Proliferation of Weapons of Mass Destruction and its Financing, and Relevant Resolutions
Circular No. (8) of 2021( GoAML Reporting Requirements)
Circular No. (2) of 2022 regarding Implementation of Targeted Financial Sanctions (TFS) on UNSCRs 1718 (2006) and 2231 (2015)
Circular No. (6) of 2022 regarding Update the list of High Risk Jurisdictions subject to a Call for Action and list of Jurisdictions under Increased Monitoring, and update the counter-measures to be applied by Designated Non-Financial Business & Professions (DNFBPs)
Circular No 5\2022 ( Real Estate Activity Reports )
Circular No 4\2022 ( Obligations to combating money-laundering in the light of the (State's presence in countries under increased monitoring
Circular No3\2022( Updated List of High Risk Countries )
Circular No 1\2022 ( results of the United Arab Emirates Money Laundering & Terrorist Financing Risk Assessment)
Circular No. (9) of 2021 regarding updating the list of high-risk countries
Circular No 2\2021(Extending the deadline granted for Designated Non-Financial Businesses and Professionals (DNFBPs) to register in the goAML system until April 30, 2021 )
Circular No 1\2021
Circular No 2\2021
Circular No 3\2021
Circular No 4\2021
Circular No 5-2021 goAML deadline circular
Circular No 6-2021 for High-Risk Country
Circular No. 7/2021(Legal Consultancy Firms)
Circular No5-2021
Circular for establishments conducting their activities in the country, including commercial free zones, for designated non-financial businesses and professions

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