UAE to combat money laundering, terror financing

The United Arab Emirates has reiterated its resolve to fight money laundering, financing of terrorism, and the financing of illegal organizations as part of the country’s commitment to achieve full compliance to the International Financial Action Task Force (FATF).

This was announced during a media briefing held by the Ministry of Economy (MoE). 

The MoE said it will enhance the level of compliance of the UAE’s business community to the Federal Decree-Law No. 20 of 2018 which was established for this purpose. 

The ministry highlighted that the private sector is a strategic partner in its efforts to implement the country’s international obligations, particularly its compliance with legal requirements and procedures being implemented by the authorities. 

Its efforts, the MoE added, are directed towards meeting compliance in two main areas, which include the regulation and supervision of the Designated Non-Financial Businesses and Professions (DNFBPs) to ensure they meet the legal requirements. 

The ministry oversees four main business activities including real estate agents and brokers, precious metals and gemstone dealers, auditors, and corporate service providers. A total of 15,000 establishments are operating within these activities and are under the supervision of the MoE.

The second aspect is obtaining the Ultimate Beneficial Owner (UBO) data from all private sector establishments within the country, including the non-financial free zones. This is being implemented in cooperation with Registrars of Companies across the country to ensure the completion and registration of UBO data from more than 565,000 private establishments operating in various sectors.