What are the New Guidance and Updates on Money Laundering in UAE?
May 31, 2023
The UAE has implemented various measures to combat money laundering and terrorist financing, including the enactment of the Federal Law №20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and illegal Organisations (AML/CFT Law).
The AML/CFT Law imposes obligations on financial institutions and designated Non-financial businesses and professions (DNFBP’s) to implement AML/CFT measures such as customer due diligence (CDD), ongoing monitoring and reporting suspicious transactions to the authorities.
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