Money Laundering Crimes in UAE

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Money Laundering Learn The UAE Laws Regarding
Money Laundering Crimes
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The UAE has made a series of changes in the way
it handles money laundering. The government has
gone the additional mile in clubbing the
Anti-money laundering laws with terrorism
financing so that the law Federal Decree No. 20
of 2018 applies to several verticals of illegal
monetary transactions. The new laws are in
accordance with the guidelines set by the
Financial Action Task Force, which pertain to
terrorism financing and anti-money laundering
regulations. His Highness Sheikh Khalifa bin
Zayed Al Nahyan himself issued the creation of a
unit that solely handles money laundering,
terrorism financing, and other illegal
transactions. The new law implements a
methodology where the institutions having an
income, either through business or other
professions must be completely accountable for
their finances. They must not open accounts
anonymously or under any pseudonyms. The
institutions must also identify, evaluate and
update on crime risks that are involved in their
area of business. there should also be internal
policies that must be in place so that the
company can review the risks better and intercept
them before it escalates.
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• Money Laundering in UAE What you need to know!
• As per the new reforms, if any person or
  institution is caught performing the following
  procedures with the knowledge that the funds were
  generated as a result of a crime, then action
  will be taken against them.
• The deposit, transfer, conversion,
  safekeeping, exchange, management or investment
  of the funds or actions that are taken to cover
  up the origin of the money.
• The actions are taken to hide or disguise
  the origin, nature, disposition or movement of
  the capital.
• Ownership of the possession, acquisition
  and the use of the capital.
• One must note that these actions we have
  specified will only count as a crime if the
  person handling the money is aware that it is
  from illicit sources, otherwise, the crime is
  considered to be committed out of negligence.
  Since money laundering is not considered to be a
  predicate crime, a person charged for predicate
  crime can be charged money laundering penalties
  if they are found guilty with money laundering.
• What are the roles of financial information Unit
  and the National Committee?
• The financial information is set in place to
  regulate financial institutions by reviewing
  their report and other financial activities. If
  any discrepancies are found out in the operation
  of a financial institution, the report will be
  handed over to the concerned law enforcement
  teams.

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• The financial information unit can also have the
  authority to transfer the reports on illicit
  conduct to other countries who may help the UAE
  departments in the process.
• What are the other government institutions
  overseeing monetary crimes in the UAE?
• There are other government bodies that regulate
  monetary proceeding in UAE and often, for cases
  that span across multiple jurisdictions, they
  collaborate with each other. The following
  government bodies are active in UAEs Anti-Money
  Laundering initiative
• The National anti-money Laundering
  Committee (NAMLC)
• The Emirates Securities and Commodities
  Authority (SCA)
• UAE Anti-Money Laundering and Suspicious
  Cases Unit (AMLSCU)
• The UAE Central bank
• The Insurance Authority
• The Financial Services Regulatory Authority
  (FSRA) of the Abu Dhabi Global Market Free Zone
  (ADGM)
• The Financial Services Authority (FSRA) of
  the Abu Dhabi Global Market Free Zone (ADGM)

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What does the law state about Penalties? The
penalties that come in effect when charged with
Money Laundering begins with a fine that ranges
from DH 10,000 to DH 1 million. There is also a
chance of imprisonment that can last up to 10
years. Are you facing legal complications that
pertain to Money Laundering? Put yourself and
your business in the safe by hiring expert
lawyers to present yourself in court. With Al
Nassar Advocates in Dubai, you will always have
the legal upper hand! Contact us today to know
more!
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