The UAE has recently brought its anti-money laundering (AML) and combating terrorism financing (CTF) legal arrangements into closer alignment with the OECD's Financial Action Task Force's Recommendations (FATF Recommendations) by implementing significant changes and enhancements to the law.
The new law is applicable to all financial institutions and other regulated entities. We recommend affected firms review their internal governance systems to ensure they are aligned with the increased requirements or risk significant penalties.
This briefing provides a summary of the changes which fall into the two following categories:
- The widened scope of the UAE's money laundering (ML) and terrorism financing (TF) offences and higher penalties
- The UAE's new regulatory framework for the regulation of AML and CTF.