OVERVIEW

The United Arab Emirates (UAE) contributes to global anti money laundering efforts and combating financing of terrorism (AML/CFT), and strives to fully implement the standards set by the International Financial Action Task Force (FATF).

Money laundering is defined as any financial or banking transaction aimed at concealing or changing the identity of illegally obtained funds by passing them through the financial and banking system in order to make them appear as originating from legitimate sources, and then re-pumping and investing them in a legal manner contrary to their real nature.

LEGISLATION, RULES AND REGULATIONS

THE LAW

Federal Decree by Law No. (20) of 2018 on Anti Money Laundering and Combating the Financing of Terrorism and Illegal Organizations

EXECUTIVE REGULATION

Cabinet Decision No. (10) of 2019 Concerning the implementing regulation of decree law no. (20) of 2018 on anti- money laundering and combating the financing of terrorism and illegal organizations

DECISIONS

Cabinet Decision No. (58) of 2020 Regulating the Beneficial Owner Procedures

DNFBPs GUIDANCE

Guidance available for the Designated Non-Financial Businesses and Professions (Auditors, Dealers in Precious Metals and Stones, Real Estate, Trust and Company Service Providers) on Ministry of Economy portal

USEFUL LINKS

Registration on GoAML system Ultimate Beneficial owner Declaration service

Registration on GoAML

Ultimate Beneficial owner Declaration Service

CONTACT US

Please send any questions you may have with regard to Registration on GoAML system on the following email : r.compliance@hfza.ae