Khal­ifa de­cree on money laun­der­ing

The Gulf Today - - FRONT PAGE -

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.

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