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Anti-Money Laundering Crimes Legislations

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 Law No (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations
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.
Cabinet Decision No (10) of 2019 concerning the Executive Regulations of Federal Decree Law No (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations
The decision identifies the financial activities and operations; designated non-financial businesses and professions; the obligations of financial enterprises and non-financial businesses and professions for defining and mitigating risks; customer due diligence in terms of verifying customer identity and actual beneficiary, and necessary risk-mitigating procedures. The decision also clarifies the importance of reporting suspicious transactions, the obligations of non-financial businesses and professions if any criminal activity is suspected, as well as the policies, procedures and internal measures for combating criminal activity. The decision also discusses identifying and assessing the risks of money laundering and the financing of terrorism, and the assessment of risks prior to the launch of products or technologies. It further addresses details pertaining to transparency, actual beneficiaries, maintaining the confidentiality of information of suspicious transactions, together with identifying the mandates and functions of the financial intelligence unit.
قرار مجلس الوزراء رقم (53) لسنة 2021 بشأن الجزاءات الإدارية المترتبة على مخالفي أحكام قرار مجلس الوزراء رقم (58) لسنة2020 في شأن تنظيم إجراءات المستفيد الحقيقي
Cabinet Resolution No (58) of 2020 Regulating Beneficial Owner Procedures
This resolution aims to contribute to developing the business environment, the capabilities and economic status of the UAE, pursuant to international requirements, by regulating the minimum commitments of registered and legal persons in the UAE. This is in addition to developing effective and sustainable executive and regulatory mechanisms and procedures pertaining to the data of beneficial owners. The provisions of this resolution are applicable to registered and legal persons – who are licensed or registered in the UAE – including free zones. The resolution identifies the beneficial owner and details the licensing or registration of legal persons; together with transparency, notifications pertaining to the beneficial owner, registering the beneficial owner and the partners or shareholders registry. It also clarifies the means for providing and amending data, data confidentiality, domestic and global cooperation, administrative penalties, grievances and nullifications.
قرار مجلس الوزراء رقم (74 ) لسنة 2020 بشأن نظام قوائم الإرهاب وتطبيق قرارات مجلس الأمن المتعلقة بمنع وقمع الإرهاب و تمويله ووقف انتشار التسلح و تمويله والقرارت ذات الصلة

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