Khalifa decree on money laundering

ABU DHABI: President His Highness Sheikh Khalifa Bin Zayed Al Nahyan has issued Federal Decree No.20 of 2018 on anti-money laundering and countering the financing of terrorism.

Some of the articles provided by the law require the declaration of anyone entering or leaving the country carrying cash, monetary or financial bearer instruments, precious metals or stones of value, as

per the regulations set out by the Central Bank.

THE law Clariies THE National Committee’s mandate in combating money laundering AND Countering inancing terrorism and the authority it has in preparing the National Risk Assessment (NRA) as a fundamental requirement of the Financial Action Task Force (FATF) recommendations. In addition, it requires the expansion of obligations of licensing and control bodies to include the development of a risk-based approach and applying it to licensed enterprises.

THE law Deines A perpetrator of A money-laundering offense as any person who is aware that the money was derived from a felony or misdemeanour, and intentionally commits one of the following acts: transferring or transporting proceeds of crime with intent to conceal or disguise the illicit origin thereof; and / or the concealment or disguise of the true nature, origin, location, way of disposition, movement or rights related to any proceeds or the ownership thereof; and / or the acquisition, possession or use of such proceeds.