United Arab Emirates Rules of deterrence

Sharjah – By Ayman Al-Fateh – The Government of the United Arab Emirates leaves no effort to fight terrorism and fight illegal organizations by issuing various laws and regulations that are in line with international best practices.

Federal Decree No. 20 of 2018 on combating money laundering, combating terrorism financing and financing of illegal organizations recently issued by HH Sheikh Khalifa bin Zayed Al Nahyan, UAE President, Under this law, an independent Financial Information Unit will be established at the Central Bank, which will consider suspicious transaction reports and related information.

What should be done by individuals and institutions, so that they are not responsible for their legitimate financial transactions?

Individuals must disclose each negotiable currency, financial instrument or precious stone when entering or leaving the country in accordance with the disclosure system issued by the Central Bank.

Financial, business and non-financial specific institutions must identify, evaluate, document, and update the risk of crime on an ongoing basis, take due diligence measures and measure and determine their scope based on various aspects of risk and taking into account the results of national risk assessments. It must also refrain from opening an account or conducting financial or commercial transactions, anonymously or anonymously or with a pseudonym or number, or providing any services to an unknown entity, and establishing internal policies, controls and procedures to manage, limit and review identified risks. And to apply this to all branches and subsidiaries that hold majority shares.

Federal Decree No. 20 of 2018, money laundering criminals, stipulate that anyone who knows that the money originates from a crime or violation and commits one of the following actions: transfers or transfers of proceeds or conducts any operation for the purpose of hiding or disguising Illegal sources, hiding or transferring facts of results, source, location, disposition, movement, ownership or rights, obtaining, obtaining or using the results after receipt, or assisting the original perpetrators of Impunity.

Money laundering crime is an independent crime and does not prevent the perpetrator from punishing money laundering, and there is also no confidence needed to commit genuine crimes to prove the illegitimate origin of the results. Therefore it is necessary for everyone to have adequate awareness of the crime. Things don't fall under the law.

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What do people need accountability for their legitimate financial transactions?