Unified UAE Legislation Database

Correction of the definition of the Trust Fund set out in Article 1 of Federal Decree-Law No. 10 of 2025 On Combating Money Laundering, Terrorist Financing and Proliferation Financing, published in the Official Gazette No. 808 on September 30, 2025

Status

In force

Issuing Authority

Effective date

XX.XX.XXXX

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Typographical errors were found in the definition of the Trust Fund set out in Article 1 of Federal Decree-Law No. 10 of 2025 On Combating Money Laundering, Terrorist Financing and Proliferation Financing, published in the Official Gazette No. 808 on September 30, 2025, which necessitates their correction as follows:

 

Original textText after correction
Trust Fund: A legal relationship whereby the Trustor places Funds under the control of a Trustee for the benefit of a beneficiary or for a specific purpose. These Funds are separate from the Trustee's assets, and the right to the Funds remains in the name of the Trustor or in the name of another person acting on behalf of the Trustor. Trust Fund: A legal relationship whereby the Trustor places funds under the control of the trustee for the benefit of a beneficiary or for a specific purpose; such funds are separate from the trustee’s own property, and the right to the trust funds remains in the name of the trustee or in the name of another person acting on behalf of the trustee.