Decree Laws, Amendments, and Implementing Regulations

Financial institutions, Designated Non-Financial Businesses and Professions, and any other businesses operating in the UAE can benefit from this area. It covers a set of important legislation that describe the rules, regulations, and duties for preventing money laundering and combatting the funding of terrorism.

• Federal Decree by Law No. 20 of 2018: Comprehensive Framework for Combating Money Laundering and Terrorism Financing in the UAE

  The Federal Decree by Law No (20) of 2018 enhances the legislative and legal framework of the nation to align with international standards, combat money laundering, and counter the financing of terrorism. This comprehensive law establishes a robust legal structure, supports anti-money laundering authorities, and targets the financing of terrorist operations and suspicious organizations.

  To learn more, access the PDF by clicking the link

• Cabinet Decision No. 10 of 2019: Comprehensive Guidelines for Effective Implementation of AML and CFT Measures in the UAE

  The Decision provides detailed guidelines and procedures for the effective implementation of the Decree-Law. It outlines specific requirements for financial institutions, Designated Non-Financial Businesses and Professions including KYC and due diligence measures, internal controls, reporting obligations, and penalties for non-compliance. The Decision plays a crucial role in ensuring the proper execution and enforcement of the AML and CFT measures mandated by the original decree law.

  To learn more, access the PDF by clicking the link

• Federal Decree Law No (26) of 2021: Amendments to the Decree-Law

  The amendments aim to enhance and strengthen the existing AML and CFT framework by addressing evolving challenges in the financial system. The decree-law and its amendments signifies the UAE’s commitment to continuously adapt and improve its regulatory measures to effectively combat money laundering and terrorism financing activities.

  To learn more, access the PDF by clicking the link

• Cabinet Resolution No. 24 of 2022: Amending Executive Regulations

  These amendments aim to enhance and refine the existing regulations, ensuring their effectiveness in AML/CFT. The resolution addresses evolving challenges and definitions, strengthens due diligence measures, and improves the overall framework for preventing money laundering, terrorism financing, and the support of illegal organizations.

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• Cabinet Resolution No. 58 of 2020: Enhancing Transparency through Beneficial Owner Procedures in the UAE

  The Resolution aims to enhance transparency and combat money laundering and terrorism financing by requiring entities to identify and disclose their beneficial owners. It establishes guidelines and obligations for entities to identify and maintain accurate records of their beneficial owners, including individuals who ultimately own or control the entity.

  This Decision is part of the UAE’s broader efforts to strengthen its anti-money laundering and counter-terrorism financing framework and align with international best practices in beneficial ownership transparency.

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• Cabinet Resolution No. 53 of 2021: Strengthening Compliance with Beneficial Owner Reporting through Administrative Penalties

  By imposing sanctions on individuals who breach their commitments, the resolution seeks to compel compliance with beneficial owner reporting requirements and enhance transparency in corporate structures. These penalties act as a deterrent and emphasize the significance of truthful and prompt disclosure of beneficial ownership information.

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• Cabinet Decision No. 16 of 2021: Unified List of Violations and Fines for AML and CFT Measures in the UAE

  This decision establishes a comprehensive framework that outlines specific violations related to AML/CFT measures and the corresponding fines associated with each violation. The Unified List serves as a reference for individuals and entities to understand the consequences of non-compliance and reinforces the importance of adhering to the specified regulations in the UAE.

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• Cabinet Decision No. 74 of 2020: UAE’s Measures to Combat Terrorism and Terrorist Financing

  The decision intends to combat terrorism and prevent the funding of terrorism as well as the spread of weapons of mass destruction. It creates a framework for the UAE to implement and abide by the pertinent UN Security Council resolutions to combat financing terrorism and prevent the proliferation of weapons of mass destruction.

  The decision affirms the UAE’s support for international initiatives aimed at preventing terrorism and preserving international security.

  To learn more, access the PDF by clicking the link