AML Law in UAE - Federal Decree-Law No. (20) of 2018 On Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations (the “AML-CFT Law” or “the Law”) and implementing regulation, Cabinet Decision No. (10) of 2019 Concerning the Implementing Regulation of Decree Law No. (20) of 2018 On Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations (the “AML-CFT Decision” or “the Cabinet Decision”).
AML (Anti-Money Laundering) and CFT (Combating the Financing of Terrorism) compliance are critical components of the global effort to combat financial crime. AML/CFT measures are designed to prevent and detect money laundering and the financing of terrorism by implementing stringent regulations and procedures within the financial sector. Here are key aspects of AML/CFT compliance:
Compliance with AML/CFT regulations is essential for maintaining the integrity of the financial system and preventing illicit financial activities. Financial institutions are expected to be proactive in implementing robust AML/CFT measures to protect themselves and contribute to the global effort against financial crime.
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