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)

Overview

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

• Federal Decree by Law No. (20) of 2018 on Anti Money Laundering and Combating the Financing of Terrorism and Illegal Organizations.
• 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.
• Federal Decree Law No. (26) of 2021 to amend certain provisions of Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations.
• Cabinet Decision No. (109) of 2023 regarding regulating the procedures of the beneficial owner.
• Cabinet Decision No. (132) of 2023 regarding the administrative penalties imposed on violators.
• Cabinet Resolution No. (24) of 2022 Amending some provisions of Cabinet Resolution No (10) of 2019 On the Executive Regulations Of Federal Decree-Law No.(20) of 2018 on Combating Money Laundering and the Financing of Terrorism and Illegal Organizations.
• Cabinet Resolution No. (74) of 2020 regarding the Terrorism Lists Regulation and Implementation of UN Security Council Resolutions on the Suppression and Combatting of Terrorism, Terrorist Financing, Countering the Proliferation of Weapons of Mass Destruction and its Financing, and Relevant Resolutions.
• Ministerial Decree No. (68) of 2024 Regarding Gold Refineries’ adherence to the Policy of Due Diligence Regulations for Responsible Sourcing of Gold
• Cabinet Decision No. (16) of 2021 Regarding the Unified List of the Violations and Administrative Fines for the Said Violations of Measures to Combat Money Laundering and Terrorism Financing that are Subject to the Supervision of the Ministry of Justice and the Ministry of Economy

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 KNOW MORE

• Guidelines for Designated Non-Financial Businesses and Professions
• Supplemental Guidance for Auditors
• Supplemental Guidance for the Real Estate Sector
• Supplemental Guidance for Trust and Company Service Providers
• Supplemental Guidance for Dealers in Precious Metals and Stones
• Due Diligence Regulations for Responsible Sourcing of Gold.

Important Links

Contact Us
Please send any questions you may have regarding Ultimate beneficial owner Regulation to r.compliance@hfza.ae