MoE’s Laws and Regulations

This federal decree law constitutes a key pillar in combating money laundering and the financing of terrorism; as well as enhancing the efficiency of legal and institutional frameworks in the UAE. Pursuant to the provisions of this law, any person, having the knowledge that the funds are the proceeds of a felony or a misdemeanour, and who wilfully commits any of the following acts, shall be considered a perpetrator of the crime of money laundering: transferring or moving proceeds or conducting any transaction with the aim of concealing or disguising their illegal source; acquiring, possessing or using proceeds upon receipt; or assisting the perpetrator of the offense to escape punishment. This law ratified the establishment of the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations, to be chaired by the governor of the Central Bank of the UAE. Also pursuant to the provisions of this law, each of the designated supervisory authorities shall oversee, monitor and ensure compliance with the provisions prescribed in this decree by federal law and its executive regulations.