Anti-Money Laundering Consulting Services in UAE

Anti-Money Laundering

Money Laundering affects the economic health of a country. To understand its effects, we must understand what money laundering is and why it is a crime. Any income obtained through criminal conduct (the definition of criminal conduct varies in different jurisdictions) is not legitimate. To convert it into legitimate, it is re-introduced into the financial system to disguise the source and original ownership. This act of disguising the origin of money obtained from illegal means is money laundering. These activities divert the resources from the economy and create instability. To fight these corrosive practices that disturb the economy’s overall health, the UAE Ministry of the economy has developed several initiatives to combat money laundering practices.

Anti-Money Laundering Regulations (AML/CFT) in UAE

The UAE Ministry of Economy supervises the development of a strong regulatory framework to Combat and provide a safe business environment to companies and organisations. The priority is given to providing all possible forms of knowledge, guidance and training support to raise the level of compliance per international requirements and maintain the economy’s reputation in global markets.

The Various Legislations which monitor the Anti- Money Laundering Crimes are:

Federal Law No. (7) of 2014
Federal Decree-Law No. (20) of 2018
Cabinet Decision No. (10) of 2019
Guideline for Designated Non-Financial Business & Professions
Administrative Notice 20 of 2020
Cabinet Decision No. (58) of 2020

The Central Bank of the UAE has established a dedicated department to handle anti-money laundering practices (AML/CFT). This department serves three key objectives:

Monitoring and Examining Licensed Financial Institutions (LFIs)
To ensure that the organisations adhere to UAE’s AML/CFT regulatory framework
To identify relevant threats, vulnerabilities and emerging risks concerning UAE’s financial market.

AML Reporting