About Money Laundering in the UAE
The content of this page aims to enable licensed enterprises in Abu Dhabi to obtain the necessary legislation, circulars, and guidelines to meet their obligations to Federal Law No. (20) 2018 relating money laundering crimes, the fight against the funding of terrorism and illegal organisations. This is in accordance to its executive regulations issued by the Council of Ministers Resolution 10 for 2019.
As the Abu Dhabi Department of Economic Development, it is the authority responsible for regulating and licensing economic activities in the emirate of Abu Dhabi under local law No. 7 of 2018, it recommends that licensed companies operate in accordance with the federal laws of the state and the requirements of the Financial Action Task Force (FATF). which has set the obligations of business and non-financial professions and to ensure that the relevant international requirements and standards are enforced.
Laws, regulations, and procedures applied in the UAE regarding the fight against money laundering:
- Circular Relevant to the Enhanced Due Diligence toward transactions carried by individuals or Entities.
- Cabinet Decision No. 10 of 2019 regarding countering money laundering crimes, combating the financing of terrorism and financing illegal organisations (Cabinet Decision No (10) of 2019 CONCERNING THE IMPLEMENTING REGULATION - AR).
- Federal Decree-Law No. 20 of 2018 regarding countering money laundering crimes, combating the financing of terrorism and financing illegal organisations (New law No. (20) of 2018 .
- Circular No. 1/2021 to Real estate brokers and agents.
- Circular No. 2/2021 to Dealers in of precious metals and stones.
- Circular No. 3/2021to Account auditors
- Circular No. 4/2021to Company Services Providers.