The Ministry of Economy extends its greetings and best wishes of continuous success.
1. The Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations creates an obligation on all Relevant Persons to report suspicious activities directly through its electronic system or by any means approved by the Financial Intelligence Unit (“FIU”) of the UAE Central Bank.
2. All Suspicious Transaction Reports (“STRs”) are to be submitted to the FIU using the ‘goAML’ portal. Registration on the ‘goAML’ portal is mandatory for all Relevant Persons including Designated Non-Financial Businesses (“DNFBPs”).
3. Pursuant to Article 3 Cabinet Decision No. 10 of 2019, a DNFBP is a firm that conducts one or more of the following activities:
a. Real Estate agent involved in buying and selling of real estate;
b. Dealer of precious metals and stones;
c. Company Service Providers;
d. Auditors and accountants; and
e. Law firms.
4. Pursuant to the Cabinet Decision No. 3/1w of 2019 and Cabinet Decision No. 28w4/m of 2019, the Ministry of Economy (“MoE”) is the competent aut...