Federal Decree No. (20) of 2018 on anti-money laundering and countering the financing of terrorism is a fundamental pillar and contributes to raising the effectiveness of the legal and institutional framework of the nation to achieve desired results, in line with the requirements and recommendations of the Financial Action Task Force (FATF).
The law recommends the establishment of an independent "Financial Information Unit" within the Central Bank to receive and investigate all reports submitted by financial institutions and other corporate establishments regarding suspected illicit financial activity. Under the provisions of this decree, a committee has been set up under the chairmanship of the Governor of the Central Bank titled " The National Committee to Counter Money Laundering, Combating the Financing of Terrorism and Financing of Illegal Organizations".
Under this law, the authorities shall supervise and follow up on compliance with the provisions of this decree and its executive regulations.
Federal Decree No. 20 of 2018 stipulates that the Council of Ministers shall, upon the proposal of the Minister of Finance, issue the executive regulations of this Decree by law. Any provision contrary to, or inconsistent with the provisions of this Decree law, shall be repealed, including the repeal of Federal Law No. 4 of 2002 on Money Laundering and Combating the Financing of Terrorism. This decree will be implemented by law one month after its publication in the Official Gazette.
View the text of the law
Guidelines for Designated Non-Financial Businesses and Professions
Supplemental Guidance for Auditors
Supplemental Guidance for Dealers in Precious Metals and Stones
Supplemental Guidance for the Real Estate Sector
Supplemental Guidance for Trust & Company Service Providers
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