subject :

The Ministry of Economy continues its efforts to implement the provisions of Federal Decree Law No. 20 of 2018 that tackle money laundering crimes, combat terrorism financing and the financing of illegal organizations globally. These efforts highlight the Ministry's commitment to preventing the threat of money laundering practices from spreading to key business sectors. To achieve this goal, the Ministry has established a specialized department - the Anti-Money Laundering Department - as part of the implementation of its strategic plan to create awareness and supervise the activities listed under the business sector and specific non-financial professions specified in the framework of the decree's provisions and its executive regulations. The move will enhance the mechanisms of combating money laundering in the UAE, thereby elevating the competitiveness of the country's commercial, investment and financial environments to higher levels.

This is in addition to providing an attractive environment for business and investment across various sectors that support the establishment of a flexible and sustainable future economic model. This, in return, contributes to consolidating the UAE's position as a globally competitive economic hub that adheres to the highest standards in the areas of financial and commercial regulations and addressing financial malpractices.

In line with the Ministry of Economy's ongoing efforts to ensure the e-participation of the community in policymaking and government decision-making processes, we would like to encourage you to continue sharing your suggestions, ideas and feedback about the federal law and its executive regulations and the mechanisms that are being followed to implement them optimally.

Target  :

We, at the Ministry, aspires to strengthen the channels of communication with the country's business sector and the non-financial professions specified in the framework of the provisions of the decree. In this regard, we urge you to abide by the requirements of Federal Law No. (20) of 2018 on countering money laundering crimes, combating the financing of terrorism and financing of illegal organizations, and comply with the international practices. We look forward to hearing your opinions and feedback, which we believe will add more value to our efforts in this direction.

Decision :

Furthermore, we appreciate the suggestions, opinions and feedback we have received from you so far and are currently in talks with all concerned departments; various relevant federal and local entities and committees; as well as free trade zone authorities to take the necessary measures. The Ministry of Economy remains committed to continuing our work through the effective integration of tasks and roles to ensure the successful supervision and regulation of the targeted sectors and activities.