The purpose of this Guidance Note is to advise all DMCC member companies and members of DMCC associations, memberships or clubs that are Financial Institutions (FIs) or Designated Non-Financial Bodies or Professions (DNFBPs) in respect to requirements under UAE AML/CFT law.
1.1 Federal Decree- Law No. 20 of 2018 on Anti-Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organizations (the “Decree- law”) was published in December 2018, replacing all previous versions of this law. Cabinet Decision No. 10 of 2019 on the Executive Regulation of Federal Decree- Law No. 20 of 2018 on Anti-Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organizations was published in February 2019, prescribing implementation regulations for the Decree-Law (the “Executive Regulation”).
English versions of the Decree-Law and the Executive Regulation may be found on the UAE Ministry of Finance website;
[https://www.mof.gov.ae/en/lawsAndPolitics/govLaws/Pages/...