GCC Tax Theatre | UAE Compliance | Bullet synopsis of UAE Federal Decree-law No. (20) of 2018 on AML, CFT and Financing of Illegal Organizations

Following is a bullet point based overview of the Decree law on AML/CFT comprising of a total of 35 Articles. For specific/detailed guidance please contact the author:

1.     Definitions

2.     Perpetration

3.     Constitution of guilt

4.     Crime in the name of legal person

5.     Fund freeze, fund disposal, legal proceedings

6.     Public prosecutor role and confidentiality

7.     Powers of public prosecutor, law enforcement, under cover

8.     Disclosure of assets on CBUAE system

9.     FIU role and powers

10.  Public prosecutor and law enforcement powers

11.  The National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organizations

12.  Role and powers of the Committee

13.  Supervisory Authority's role

14.  Supervisory Authority to impose fines

15.  Reporting suspicious transactions

16.  Policy framework

17.  Confidentiality

18.  International cooperation and exchange of information

19.  AMLCFT priority

20.  Foreign state judicial order cooperation

21.  Harsher penalty in another law to prevail

22.  Criminal offenses and penalties

23.  Use of legal person’s name for crimes mentioned in the Decree law

24.  STR penalties

25.  Tipping off penalties

26.  Court actions upon establishment of crime

27.  Exemption from responsibility in case of disclosure in bad faith

28.  Penalty for violation re. UN Security Council under Chapter (7) of UN Convention for the Suppression of the Financing of Terrorism and Proliferation of Weapons of Mass Destruction

29.  Consequence of crimes of foreign persons

30.  Consequence of refraining from providing information

31.  Other violations

32.  Law enforcement employees

33.  Issuance of the Implementing Regulations

34.  Conflicts with the Decree

35.  Publishing

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Muhammad Altaf Hussain, is the Territory Managing Partner for Tax and Advisory practice of AJMS Global in Oman (www.ajmsglobal.com). He may be contacted at [email protected], 968 9414 9519 or 971 50 971 7890.

Disclaimer:

The use of complex legalese language is intentionally avoided in the text herein above to captivate attention and interest of the common layman reader. This LinkedIn article does not comprehensively cover the contents of the provisions laid out in the legal framework of the jurisdiction in question and is likely to present personal opinions of the Author, which may be wrong or misleading, in spite of Author's bona fide intentions to share knowledge through this Article, free of charge to general public, and for which the Author has not received any remuneration from any party. Please use your own discretion before relying on the contents herein above. The Author, or any party associated with him, do not accept any responsibility for any actions taken on the basis of this LinkedIn article.