A guide to Anti Money Laundering AML Laws in UAE for 2021
A guide to Anti Money Laundering AML Laws in UAE for 2021
Money laundering and the financing of terrorism are crimes that threaten the security, stability and integrity of the global economic and financial system, and of society as a whole. The Anti Money Laundering (AML) Laws in UAE have been enacted to combat money laundering, terrorist financing and other related threats to the nation.
The Latest UAE AML Regulations 2021 for AML Compliance in UAE
The principle AML/CFT legislation applicable is the Federal Decree-Law No. (20) of 2018 On Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations (the “AML-CFT Law” or “the Law”) and implementing 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 Organisations (the “AML-CFT Decision” or “the Cabinet Decision”).
Legal requirements as per Anti-Money Laundering Law in UAE
The Anti-Money Laundering Law in UAE requires the FIs and DNFBPs to establish a comprehensive AML/CFT Program including AML Policy for KYC, Screening, Risk Profiling, Governance, STR Filing, and more. The AML Law in UAE requires that the Anti-Money Laundering Policy and AML procedures and guidelines have to be commensurate with the nature and size of the business. The AML Compliance Officer has to ensure that the provisions of the UAE AML Law are complied with.
Download a guide to Anti Money Laundering AML Laws in UAE for 2021
AML UAE provides Anti-Money Laundering Consulting Services to hep you remain compliant with AML Laws in UAE. Get in touch with us for any assistance in AML compliance in Dubai, UAE.
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FAQs About UAE AML Law
The Anti-Money Laundering and Combating the Financing of Terrorism Supervision Department (AMLD) under the Central bank of UAE (CBUAE) enforces the UAE anti-money laundering laws and regulations and AML/CFT Guidelines 2021.
The Central Bank of UAE (CBUAE) regulates AML in the UAE. Earlier, it was handled by a dedicated department – Banking Supervision Department. In 2020, CBUAE established the Anti-Money Laundering and Combatting the Financing of Terrorism Supervision Department (AMLD).
Federal Decree No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations is the key regulation of the UAE’s AML/CFT efforts. Cabinet Decision No. (10) of 2019 is the implementing regulation of the Federal Decree No. 20 of 2018.
Suppose a person transfers or moves the proceeds to conceal the illegal source, disguises the nature and location of proceeds, uses illicit money, or assists someone with money laundering activities. In that case, there is life imprisonment of fewer than ten years and a fine of at least AED100,000.0, but not more than AED500,000.
Money laundering and terrorism financing are illegal activities that generate illicit money disguised as legal money worldwide. That is why countries introduce anti-money laundering laws and anti-money laundering policy to fight money laundering.