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 organizations. 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.
Description:
The natural person who ultimately owns or controls the Legal Person, whether directly or through a chain of ownership or control or other indirect means. In addition, the natural person on whose behalf transactions are being conducted or who exercises ultimate effective control over a legal person and finally owns or has ultimate control over direct/indirect equity shares of 25% or more.
Federal and local laws and regulations concerning the Real beneficiary:
- Federal Decree-Law No. (20) of 2018 on anti-money laundering crimes and combating the financing of terrorism and financing of illegal organizations.
- Resolution No. (10) of 2019 concerning the executive regulations of Federal Decree-Law no. (20) of 2018 on anti-money laundering crimes and combating the financing of terrorism and financing of illegal organizations.
- Cabinet Resolution No. (58) of 2020 regulating Real beneficiary procedures.
- Cabinet Resolution No. (53) of 2021 concerning the administrative penalties against violators of the provisions of Cabinet Resolution No. (58) of 2020.
- Amendment of Cabinet Resolution No. (24) of 2022 concerning amending the law of anti-money laundering crimes and combating the financing of terrorism and financing of illegal organizations.
Real Beneficial FAQ: