The AML-CFT Law (Federal Decree-law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations) defines money laundering as engaging in any of the following acts wilfully, having knowledge that the funds are the proceeds of a felony or a misdemeanour

• Transferring or moving proceeds or conducting any transaction with the aim of concealing or disguising their illegal source
• Concealing or disguising the true nature, source or location of the proceeds as well as the method involving their disposition, movement, ownership of or rights with respect to said proceeds
• Acquiring, possessing or using proceeds upon receipt
• Assisting the perpetrator of the predicate offense to escape punishment

The crime of Money Laundering is considered an independent crime. The punishment of the perpetrator for the predicate offence shall not prevent his punishment for the crime of Money Laundering.

No. in order to be considered money laundering, it is not necessary for any of the stipulated acts to involve only money or monetary instruments per se, but any number of tangible or intangible assets such as, but not limited to:

• Funds bank or other financial accounts, including virtual or so-called crypto currencies
• Financial instruments or securities, such as shares, bonds, notes, commercial paper, promissory notes, IOUs, share warrants, options, rights (including land rights), or other transferrable securities or bearer negotiable instruments
• Contracts, loan instruments, titles, claims, insurance policies, or their assignment
• Intellectual property (including but not limited to patents or registered trademarks), royalties, licenses, or the rights thereto
• Physical property, including but not limited to commodities, land, precious metals and stones, motor vehicles or vessels, works of art, or any other goods exchanged as payment-in-kind

The AML-CFT Law defines the financing of terrorism as:

• Committing any act of money laundering, being aware that the proceeds are wholly or partly owned by a terrorist organisation or terrorist person or intended to finance a terrorist organisation, a terrorist person or a terrorism crime, even if it without the intention to conceal or disguise their illicit origin
• Providing, collecting, preparing or obtaining proceeds or facilitating their obtainment by others with intent to use them, or while knowing that such proceeds will be used in whole or in part for the commitment of a terrorist offense, or committing such acts on behalf of a terrorist organisation or a terrorist person while aware of their true background or purpose.

The AML-CFT Law defines the financing of illegal organisations as:

• Committing any act of money laundering, being aware that the proceeds are wholly or partly owned by an illegal organisation or by any person belonging to an illegal organisation or intended to finance such illegal organisation or any person belonging to it, even if without the intention to conceal or disguise their illicit origin.
• Providing, collecting, preparing, obtaining proceeds or facilitating their obtainment by others with intent to use such proceeds, or while knowing that such proceeds will be used in whole or in part for the benefit of an Illegal organisation or of any of its members, with knowledge of its true identity or purpose.

The Governor or his delegate shall have the right to freeze suspicious funds deposited at financial institutions for no more than (7) seven working days, in accordance with the rules and controls stipulated in the Implementing Regulation of the present Decree-Law, renewable by order of the public prosecutor or his delegate.

• Imprisonment and fine of no less than AED100,000 and no more than AED1,000,000; or
• Any of these two sanctions

• Imprisonment for no less than six months and a penalty of no less than AED100,000 and no more than AED500,000; or
• Any of these two sanctions.

Its purpose is to provide guidance and assistance to supervised institutions that are DNFBPs, in order to assist their better understanding and effective performance of their statutory obligations under the legal and regulatory framework in force in the UAE.

• Auditors and accountants
• Company and trust service providers
• Dealers in precious metals and stones
• Real estate agents and brokers
• Any other Designated Non-Financial Businesses and Professions (DNFBPs) not mentioned above

• Identifying and assessing ML/FT risks 
• Establishing, documenting, and updating policies and procedures to mitigate the identified ML/FT risks 
• Maintaining adequate risk-based customer due-diligence (CDD) and ongoing monitoring procedures 
• Identifying and reporting suspicious transactions 
• Putting in place an adequate governance framework for AML/CFT, including appointing an AML/CFT Compliance Officer, and ensuring adequate staff screening and training
• Maintaining adequate records 
• Complying with the directives of the Competent Authorities of the State in relation to the
• United Nations Security Council resolutions 

• Financial audits related to a client’s books, records, and annual and periodic accounts
• Operational audits related to a client’s internal controls, governance structures, and risk management processes and procedures
• Compliance audits related to a client’s adherence to legal and regulatory requirements.

• Brokers and real estate agents when they conclude operations for the benefit of their customers with respect to the purchase and sale of real estate

The goAML system is an integrated digital platform through which Suspicious Transaction Reports (STRs) and Suspicious Activity Reports (SARs) can be submitted by financial institutions, designated non-financial businesses and professions, and the relevant authorities. The Financial Intelligence Unit uses it to quickly and efficiently receive, analyse and distribute suspicious transaction reports. It is currently used by a large number of financial information units worldwide, and the UAE is the first Gulf country to implement this modern system.

All Designated Non-Financial Businesses and Professions (DNFBPs) must register on the goAML portal. Please read your Trade/Commercial license and complete the DNFBP questionnaire on the MOE website to help determine if you are a DNFBP or not.

• The first stage is the registration in the protection system, Services Access Control Manager (SACM) of goAML portal.
• The second stage is the registration in the goAML system. 

To open the goAML portal, you need to pass through the SACM portal by putting the username that you will obtain from the registration stage of the SACM protection system and the password from the Google Authenticator application.

SACM can be accessed at the following link: https://eservices.centralbank.ae/sacm
Click here for more information on SACM.

• Authorisation letter from the institution you represent 
• A copy of your passport, resident VISA, Emirates ID
• A copy of the commercial trade license (for companies)

Download the "Google Authenticator" application on your phone. (This application contains the password for the SACM protection system, which is a password that changes every minute)

The activities mentioned in Cabinet Resolution No. 100 of 2020 are required to notify the Ministry. For more information, please visit the following website: https://mof.gov.ae/economic-substance-regulations-ar/. Headquarters operations.

 Shipping operations.

 Holding company operations.

 Intellectual property (IP) operations.

 Distribution or service center operations

There are no specific procedures, but companies are required to submit the notification if failed to do so.

Failure to provide notification will lead to an AED 20,000 fine.

For further details on fines and appeals under the Real Economic Activities Regulations, please visit the Federal Tax Authority web page on Real Economic Activities via the following link:

https://tax.gov.ae/ar/esr/economic.substance.regulations.aspx

https://tax.gov.ae/ar/esr/economic.substance.regulations.aspx

The Cabinet resolution is subject to the Commercial Registration Department - and the Anti-Money Laundering (AML) Department follows up on the implementation of the resolution.

Please send an email to the AML@economy.ae and the Anti-Money Laundering Department will respond to each email in due course. Please do not follow up even if the deadline for submission expires.

Please access the login instructions available on the Ministry of Economy website via the link:

https://www.moec.gov.ae/web/guest/aml

1. The company in violation will be notified by the Anti-Money Laundering Department via the e-mail provided, with details of the violation found, the fine amount and the link to the fine payment page of the Ministry.

2.The payment link is opened by the person in charge on the company’s side (recipient of the email).

3. Page entry is done by registering in the system (once).

4.The required fields (mentioned above) are filled to register, and the system can be accessed if the company is already registered.

5. The fine amount to be paid is selected from the list on the page.

6. Payment is done online using any of the payment methods available, and the receipt is issued digitally through the system with a reference number.

One working day. In case there is a payment error, you can contact technical support via eservices.support@economy.ae e-services.

It is an association composed of people who share common goals through which they seek to achieve their aspirations and goals and meet economic, social, cultural needs, among others.

The term ‘competent authority’ within each emirate refers to the local government or the specific entity responsible for issuing cooperative licenses in accordance with the prevailing legislation. The following are the respective competent authorities for each emirate:

·         In Abu Dhabi, it is the Department of Economic Development

·         In Dubai, it is the Department of Economy and Tourism

·         In Sharjah, it is the Department of Economic Development

·         In Ajman, it is the Department of Economic Development

·         In Umm Al Quwain, it is the Amiri Diwan

·         In Fujairah, it is the Fujairah Municipality

·         In Ras Al Khaimah, it is the Department of Economic Development

Cooperatives are fundamentally different from private companies. According to the law, a cooperative is an association of individuals with shared goals, working together to meet their needs and achieve their aspirations. In essence, cooperatives represent social and economic entities that thrive on active member involvement. What sets them apart from other economic entities is that cooperative members serve as both customers and owners, holding the authority to oversee operations, participate in management, and vote on decisions. Additionally, cooperatives play a crucial role in fulfilling social and developmental responsibilities, along with preserving and efficiently utilizing natural resources. Their primary focus is to meet the needs of their members, rather than maximizing profits.

Cooperatives are essential as they represent the most efficient economic model that brings about the necessary balance in the economic landscape. Operating alongside and complementing the private sector, they mitigate its adverse effects and address its deficiencies. Together, they collaborate to attain economic and social development within the framework of sustainable development.

The Federal Law Decree No. 6 of 2022 on Cooperatives was issued in August 2022 and came into effect in December 2022.

Yes, the executive regulations were issued by Cabinet Resolution No. 55 of 2024 and entered into force on August 1, 2024.

Individuals looking to create a cooperative can define the membership criteria essential for its fundamental structure, aligning them with their activities and the nature of their work, while adhering to the legal requirements concerning the minimum number of founders and age. The proposed fundamental regulations should undergo review and approval in accordance with the guidelines established by the relevant authorities. Generally, there are no particular prerequisites for non-citizens, except that the decree-law restricts the formation of typical consumer cooperatives to citizens only.

These are cooperatives that operate in the consumer goods sector in the conventional manner.

Cooperatives can take advantage of various services offered by financial markets, including the management of member records, facilitation of transfers, and administration of share ownership, commonly referred to as registrar tasks. Additionally, they are responsible for overseeing membership organization and trading services on electronic platforms offered by financial markets, in accordance with the specified terms and conditions.

The new Cooperative Law classifies cooperatives into two categories. Primary cooperatives, which may provide special privileges to senior members, including multiple voting rights and preferential treatment based on their investment size in the cooperative; and non-primary cooperatives, which operate under the traditional system ‘one member, one vote’, regardless of share ownership. The executive regulations will outline all the necessary conditions and criteria for defining a cooperative as primary, as well as the procedures for obtaining the mentioned benefits.

The official working hours in the Ministry are from 7:30 am to 3:30 pm on Monday to Thursday, and 7:30 am to 12:30 pm on Fridays.

Abu Dhabi Office: 10^th to 18^th Floor, Liwa Tower, Exhibition area
Dubai Office: 35^th to 41^st Floor, Central Park Towers, DIFC

Click here to find the Ministry's organisational structure.

• HE Abdulla bin Touq Al Marri – Minister of Economy
• HE Dr Thani bin Ahmed Al-Zeyoudi - Minister of State for Foreign Trade

• Determining the general policies and strategic direction of the Ministry.
• Supervising the development and approval of the Ministry’s strategic plans and its executive programmes and following up on their implementation.
• Supervising and regulating the workflow and relevant decisions within the Ministry and following up on the completion of reports.
• Preparing and implementing budget appropriations.
• Any other functions entrusted to him by virtue of laws, decrees, or decisions issued by the UAE Cabinet.
• Delegating some of his powers to the Director General or whomever he deems appropriate from among the specialists within the Ministry.

The Minister of State for Foreign Trade oversees the development of non-oil foreign trade sectors and the expansion of global partnerships, in addition to enhancing the investment climate in the country, to establish its position as a major destination for businesses on the regional and global levels.

Please click here to go to e-Services.

Yes. You can download the mobile app, ‘Ministry of Economy Dashboards – UAE’ from the App Store or Google Play Store. Users can use the app to access the Ministry’s e-Services, interactive user reports that indicate the tasks required to be performed by the user, as well as information about the user’s applications and payments.

You can send your suggestion/note by sending an email to info@economy.ae or through the suggestion/note cards available on MoE’s customer service centres.

Please click here to find career opportunities and job vacancies in the Ministry.

Please click the links below to go to the social media accounts of the Ministry.

• LinkedIn
• Twitter
• Instagram
• Facebook
• YouTube

Such companies can apply through the Chamber of Commerce and Industry.

Companies with a free zone license cannot apply for a Certificate of Origin from the Ministry.

Yes, it can be amended, but only once.

Yes, because the certificate is valid for only one shipment.

A single Certificate of Origin can only be used once to export products.

Yes, the maximum period is 180 days from the date of issuance.

The Certificate of Origin from the Ministry of Economy is exempted from customs duties, whereas the certificate issued by the Chambers of Commerce and Industry is not exempted from customs duties.

Yes, but the factory must be registered with the Ministry of Economy, and the customer must attach two invoices the factory invoice itself and the customer's purchase invoice from the factory.

To register a new patent, submit your online application via the website of the Ministry of Economy. Fill out the application and attach the required files mentioned in the service card, in addition to paying the required amount.

The International Centre for Patent Registration (ICPR) under the Ministry of Economy is the responsible authority for patent registration in the UAE.

• Go to services.economy.ae.
• Register on the site.
• Go to Patents and Industrial Designs under e-Services.
• Fill out the application forms. Completed applications shall be attached in both Arabic and English, together with all technical and legal documents.
• Formal review and initial formal inspection of the submitted documents
• An approval letter is sent to proceed with the next step
• Pay the required application fees for individuals and companies

• Attached Copy
• Passport and ID copy
• Passport and Emirates ID Copy
• Agency Authorisation Letter Copy
• Other Attachments
• Trade License Copy
• Authorisation Document Copy
• Passport Copy
• Proof of the author or right owner
• Trade license Copy

• Go to services.economy.ae.
• Register on the site.
• Go to Material Copyright Registration under e-Services.
• Fill out the application.
• Submit/upload documents.
• Process payment.
• Review of application
• Download certification upon approval.

• Original registry/renewal certificate in the Ministry's registry
• A true copy of the license of pertinent authorities of the emirate
• Annual Financial Statement of the branch
• An official certificate by the pertinent authorities of the country indicating the name, legal status and the activities (to be submitted every 3 years)
• If the local agent is a non-natural person, a true copy of the license of pertinent authorities of the Emirate shall be attached
• Other Attachments

• Trade name reservation certificate and initial approval of local pertinent authority identifying the activities
• Initial approval of local pertinent authority identifying the activities
• An official certificate by the pertinent authority of the country where the mother facility is registered, indicating name and date of facility, legal status, capital, business activities, and names of the facility’s owners
• A resolution by the mother foreign facility to open a branch or an office to execute business in the UAE
• Authorisation for the representatives
• True copy of the agency contract between the mother facility and local agent
• True copy of the local agent’s family registration card or identity card in case of a natural person or an owner of an individual establishment. However, in the case of a non-natural agent a true copy of the license of pertinent authorities of the Emirate and registration certificate in commercial registry must be attached.
• Other Attachments

• Login to e-Services site.
• Click on the username. From the menu, select Change Password.
• Enter the old and the new password and click on Change Password.

Please contact our technical support by email at ILsupport@economy.ae and explain the issue or the error messages that appear.

You can make a complaint by calling the hotline 600-522225 or visiting the nearest Customer Service Centre (Consumer Protection Counter).

Please click here to access the Services section.

A ministerial decree was recently issued on June 19, 2023, which prohibits the export of scrap iron. This ban was in effect until September 19, 2023. However, an exception for the export of industrial waste was also made, as long as the necessary fees are paid to the Ministry of Economy.

The export service for scrap iron has been terminated and instead, a new service has been launched. It involves issuance of a fee payment statement for a total of nine different types of waste, before being exported outside the country. The collection process is facilitated by MoEc services.

The scrap iron export service has been terminated. Instead, a new service has taken its place. This new service entails issuance of a payment statement for industrial waste fees for nine different types of waste before being exported outside the country. The collection process is facilitated by MoEc.

Indeed, that is right. A final anti-dumping duty has been imposed on ceramic and porcelain imports of Indian and Chinese origins, in accordance with Ministerial Circular No. 1 of 2020, which came into effect on June 6, 2020, and will remain in effect for a period of five years.

The Ministry's website will announce all decisions regarding the imposition of anti-dumping duties on the Regulation of Business page, specifically under the Anti-Injurious Economic Practices section.

The price list is available in accordance with Cabinet Resolution No. 131 of 2023 on export fees for industrial waste.

Yes, the export and re-export of rice was temporarily suspended outside the country for a period of 4 months from July 20, 2023. According to the decision, the period automatically gets extended until a decision is issued to cancel the suspension.

The Ministry also notes that companies wishing to export or re-export rice varieties and products not originating in the Republic of India must apply to the Ministry for export permission outside the country.

Yes, the import of scrap from the following countries: Yemen, Syria, Libya, Egypt, Somalia, Sudan, Afghanistan, Pakistan, Iran, Congo has been halted.

We would also like to highlight the following points:

1. The directives did not specify a time period for the application of the procedures, in addition, we do not have any information about any updates to them.

2. The above directives are specific to imports and do not include exports.

3. The directives were issued to prevent the import of scrap and did not contain a description of the name or customs code of the product.

4. The directives included specific countries to prevent the import of scrap: Yemen, Syria, Libya, Egypt, Somalia, Sudan, Afghanistan, Pakistan, Iran, Congo.

The application is denied if the shipment is of Indian origin and imported after July 20, 2023. The application can be denied if the customer fails to enter the data into the application form correctly, or fails to attach the required documents after being granted opportunities for modification.

The request is rejected if the request is found repeated, either for applications previously approved, or the customer deletes the application after returning to amend it. We therefore advise the client to send an email to the Department's email id, highlighting the old application number and the new application number to assist him.

Pursuant to Cabinet Decision No. 118 of 2023 on the Controls of Industrial Waste Valuation Policy, they are 9 types: iron scrap, paper waste, used cooking oils, raw leather, scrap and waste electrical and electronic equipment, air tyre waste, solid plastic waste, aluminum waste, and  copper scrap.

The Industrial Waste Payment Statement Service is available as part of the Ministry's online services and can be found under the ‘Harmful Practices Services’ category.

The procedures for business incorporation in the UAE are subject to the requirements of each emirate. We recommend visiting the official website of the Department of Economic Development in the concerned emirate; however, in general, businesses are incorporated in the UAE through one of two options:

Business Incorporation Online
The federal government provides the “Basher” platform for businesses, which is a comprehensive e-Service that enables investors to establish their companies in the UAE online through the unified digital platform fully integrated with the relevant local and federal government entities concerned with licensing economic activities in the UAE. This can be done within minutes and using a quick, convenient and secure process, without the need for investors to physically visit any government agency.
https://basher.gov.ae/invest/#/

Business Incorporation through Conventional Methods
The process of incorporating a commercial business in the UAE goes through a number of steps that include the following:

• Identify the nature of the activity.
• Determine the legal structure.
• Register the trade name.
• Request for initial approval.
• Choose the location or address of the commercial activity.
• Obtain additional government approvals.
• Submit documents and pay the required fees.

On June 1, 2023, the UAE began implementing corporate tax, which is a direct tax imposed on the taxable income of companies according to the following rates:

• No tax on income bracket up to AED 375,000.
• 9 per cent tax on the income exceeding AED 375,000.

 For further details, please visit the official website of the Federal Tax Authority  www.tax.gov.ae

The establishment of a company in the UAE is a well-defined process comprising several steps. Additionally, digital platforms offer the convenient option to complete these procedures online and get a commercial license issued. The procedure involves collection of required documents and submission of the application, after which, the applicant will receive the licence issued within minutes. You can also apply in-person through the Department of Economy & Tourism service centres in the emirate in which you plan to establish your business. Investors can also apply through legal offices or companies specialized in providing business set up services. The process of setting up a company in the UAE commences with the selection of the desired region/location for establishment and specifying the nature of the economic activity. It concludes with the payment of fees and the issuance of the commercial license.

For more information on establishing a business in the Emirates, please visit the “Grow in UAE” page on the official website of the Ministry of Economy through the following link:

https://www.moec.gov.ae/web/guest/establishing-companies

With regard to investments in the country's agricultural field, kindly direct the client to both the Ministry of Climate Change and the Environment and the Economic Development Department of the particular emirate, as they are primarily concerned and competent in the agricultural sector and its specific requirements.

With regard to investment procedures in the UAE in general, please visit the "Grow in UAE" page on the official website of the Ministry of Economy for more information.

Please visit the official website of the Federal Authority for Identity and Citizenship, Customs, and Port Security:

https://beta.smartservices.icp.gov.ae/goldenservices/web/landing

You can apply electronically through Basher platform or electronically through the economic development departments of the UAE:

Department of Economic Development in Abu Dhabi - Department of Economic Development in Dubai

Department of Economic Development in Sharjah - Department of Economic Development in Ajman

Umm Al Quwain Economic Development Department - Ras Al Khaimah Economic Development Department

Municipality of Fujairah

You can apply in attendance during a visit to one of the following offices:

Service centres.

Tasheel offices.

OnTime Government Services Offices.

Legal Services Offices.

Customer Happiness Centres of Economic Development Services in all UAE.

https://beta.smartservices.icp.gov.ae/goldenservices/web/landing

In any case, when establishing an auditing company, all partners, whether citizens or non-citizens, must obtain the accredited auditor certificate from the UAE.