Anti-Money Laundering (AML)
In an effort to monitor the illegal funds, Federal Law No 20 of 2018 was introduced in the United Arab Emirates on Anti-Money Laundering for combating the financing of terrorism and financing of illegal organizations.
Anti Money Laundering (AML) is the execution of transactions to eventually convert illegally obtained money into legal money. AML legislation is becoming increasingly strict for financial service providers. They must be prevented from financing money laundering and / or terrorism.
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 purpose of the AML rules is to help detect and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.
The regulatory Authorities under the AML set up are:
The law has enforced great responsibilities on Designated Non- Financial Businesses and Professions to help combat money laundering (DNFBP). DNFBP includes
Responsibilities of DNFBP
Few of the many responsibilities of DNFBP are as follows:
