Anti-Money Laundering and Combating of Terrorism Financing
Combating money laundering is among the UAE government’s priorities. The first federal law to combat money laundering was issued in 2002, and the financial sector has been applying these measures for many years.
The Ministry of Economy and its partners in this field are keeping track of international standards and developments in this regard to confront money laundering crimes on an ongoing basis.
The Ministry of Economy launched an expanded awareness and monitoring campaign in the beginning of February 2021 to encourage the business sector and specific non-financial professions registered in the UAE to register in the system of Financial Intelligence Unit (goAML) and the Committee for Commodities Subject to Import and Export Control (Automatic Reporting System for Sanctions Lists), and to adopt the measures related to the two systems stipulated in the articles of Federal Law No. 20 of 2018 for combating money laundering crimes, combating the financing of terrorism and financing of illegal organisations, and its implementing regulations and relevant decisions.
In the coming weeks, the Ministry will organise field inspection campaigns to monitor the extent of the target establishments’ commitment to register in the two systems and take the measures associated with them.
To view all measures that need to be adopted by companies and stipulated in the executive regulations of the law, please visit Anti Money Laundering section on the Ministry of Economy website.
For any further inquiries or for more information, please contact the Ministry of Economy’s Anti-Money Laundering Department call center at 8001222.