The UAE has recently passed a new law aimed at combating money laundering and terrorism financing. The law, which was issued by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, is a significant step towards ensuring the country’s financial stability and security.
The new law imposes stringent penalties on individuals and organizations found guilty of money laundering or financing terrorism. The penalties include fines ranging from AED 50,000 to AED 5 million, imprisonment of up to 10 years, or both.
The law also requires financial institutions and designated non-financial businesses and professions to implement appropriate measures to prevent money laundering and terrorism financing. These measures include conducting customer due diligence, reporting suspicious transactions, and establishing internal controls to detect and prevent illicit activities.
Ensuring compliance with the new law on money laundering and terrorism financing is crucial for businesses operating in the UAE. Working with experienced legal professionals can help navigate the complex legal landscape and ensure compliance with the requirements.
The law is in line with international standards and recommendations set by the Financial Action Task Force (FATF) and the United Nations (UN). The UAE has been actively working to combat money laundering and terrorism financing, and this new law is a testament to its commitment to ensuring the country’s financial stability and security.
For businesses operating in the UAE, it is essential to be aware of the new law and take appropriate measures to comply with its requirements. Working with experienced legal professionals can help ensure compliance with the law and avoid any legal consequences.
