1. Are there any sanctions imposed against United Arab Emirates?
There are no sanctions imposed on United Arab Emirates.
2. What are the regulated institutions in United Arab Emirates?
Banks, Exchange offices, investment companies, and other financial institutions are regulated institutions in the UAE.
3. Who are the local regulatory authorities in United Arab Emirates, and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
Central Bank(CBUAE), Dubai International Financial Centre(DIFC) and Dubai Financial Service Authority(DFSA).
4. What is the status of United Arab Emirates's FATF?
The United Arab Emirates is not on the FATF list. The latest Mutual Evaluation Report was published in 2008. According to this report, UAE is founded compatible for 5 of the FATF 40 + 9 and broadly consistent for 15 of them.
5. Which global regulations United Arab Emirates have to comply with?
United Arab Emirates is under the FATF Reccomadiation since 2008. Also, DFSA ensures Dubai's AML compliance in international areas. Dubai's compliance in global regions is provided by DFSA, which operates in line with FATF Recommendations.
6. What are the AML obligations of the businesses in United Arab Emirates?
Counter-Terrorist Financing and Sanctions Module(AML Rules). According to this regulation, all financial institutions in the UAE must establish training programs for their counter-terrorism financing and anti-money laundering obligations.
Law No. 24/2000 includes rules regarding documents and which customer records should be kept in the institution. According to this law, customer records must be kept for a minimum of five years.
7. What are the local AML laws and regulations in United Arab Emirates?
Law No. 4/2002 Anti-Money Laundering Law, Law No. 1/2004 the Counter-Terrorism Law and Counter-Terrorist Financing and Sanctions Module (AML Rules).
8. What are the penalties for failure to comply with Anti-Money Laundering law in United Arab Emirates?
The United Arab Emirates adopted severe penalties against Money laundering and terrorist financing. According to Law No. 1/2004, heavy imprisonment and death sentences were determined for those engaged in terrorist financing activities.
9. What are the contact details of the relevant regulators in United Arab Emirates?
Dubai International Financial Centre
Sheikh Zayed Rd - Trade CentreDIFC - Dubai – United Arab Emirates
T: +971 4 362 2222
Dubai Financial Service Authority
Level 13, West Wing, The Gate, DIFC
Phone: +97 (0)4 362 15 00
10. Are violations of anti-money laundering obligations also subject to criminal sanctions in United Arab Emirates?
Yes, In UAE, all financial institutions are obliged to comply with AML/CTF obligations. On the one hand, there are severe penal sanctions for individuals and institutions engaged in money laundering activities.
11. What can oblige institutions do to prevent money laundering and to comply with AML regulations in United Arab Emirates?
UAE has taken several initiatives in recent years to develop AML / CFT programs and to prevent the risk of money laundering. Heavy penalties have been imposed for money laundering activities in the UAE. Compliance of institutions with AML / CFT programs is significant.
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