COMPLIANCE & ANTI-MONEY LAUNDERING (AML)

With the United Nations, international groupings like the European Union and other powerful nations having sanctioned many countries and with the ever increasing risk of illegal money being laundered, there is enhanced focus by global governmental watchdogs to detect and penalize offenders. Therefore it has become extremely important to comply with the strict guidelines on AML Compliance.

Apex’s Compliance and Anti-Money Laundering Advisory in UAE works with organizations to effectively monitor and manage risk and ensure adherence to regulatory requirements. With varied interests in play globally, it may also so happen that a conflict of interests may arise – as some of the regulations may not be conducive to promote business growth. The wise strategy would be to strike a fine balance between the two.

The UAE is committed to combatting illegal financial activities such as money laundering and financing of terrorism. The country’s policies and strategies detect and deter financial crimes on its soil, and prevent the use of its lands as a transit route or to transfer funds resulting from any criminal activity. The UAE also supports global efforts to counter money laundering and combat the financing of terrorism, seeking to fully implement the standards of the Financial Action Task Force (FATF).

Federal Decree by Law No (20) of 2018 on Anti-Money Laundering and Combatting the Financing of Terrorism and Illegal Organizations.

Federal Decree Law No (26) of 2021 to amend certain provisions of Federal Decree Law No (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations.

The law aims to:

  • Combat money-laundering practices
  • Establish a legal framework that supports the authorities concerned with anti-money laundering and crimes related to money-laundering
  • Counter the financing of terrorist operations and suspicious organizations

 Sectors:

  • Real estate brokers & agents
  • Dealers of precious metals & stones
  • Corporate Services Providers
  • Accountants & Auditor, Legal Consultants
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