UAE Issues new Law to Combat Money Laundering and Terror Financing

His Highness Sheikh Khalifa bin Zayed Al Nahyan, has issued an official Decree for the creation of a Financial Information Unit and a National Committee to combat money laundering, the financing of terrorism and other illegal organizations. Both the Information arm and the Committee would be set up within the UAE Central Bank.

Requirements:
The law requires those entering or exiting the country with cash, monetary or financial bearer instruments and precious metals or stones of value to declare them.

Aim:
Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, said the law aims to establish a legal framework that supports and strengthens the efforts of the relevant authorities in countering money laundering and related crimes. "The law also counters financing of terrorist operations and suspicious organizations, which enhances the UAE's commitment to international recommendations and treaties.

How TLG can help:
Our Corporate & Commercial Division retains expertise in the Anti- Money Laundering and Counter Terrorist Financing Legislations. We can help you with issues amongst others in drafting policies and procedures, analyzing systems and controls, administering trainings, advising on disclosure and reporting, evaluating the possibility for criminal and civil liability, assisting with internal and external investigations.

Source: Khaleej Times.