Legislations - Dubai Commercity
Legislations
Anti-Money Laundering Crimes Legislations
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.
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
مرسوم بقانون اتحادي رقم (7) لسنة 2024 بتعديل بعض أحكام المرسوم بقانون اتحادي رقم ( 20) لسنة 2018 بشأم مواجهة جرائم غسل الأموال ومكافحة تمويل الإرهاب وتمويل التنظيمات غير المشروع ة
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.