The Ministry of Economy (MoE) announced the development of a strategic plan and initiatives within the framework of its role in supporting the efforts to combat money laundering practices in the country. MoE is the authority entrusted by the UAE Cabinet with the supervision of designated non-financial businesses and professions sector at the national level and commercial free zones with regard to countering money laundering.
The Ministry had recently established a specialised department called the ‘Anti-Money Laundering Department’ within its structure to follow up and implement its strategic plan, create awareness, and to regulate all activities listed under the business sector and specific non-financial professions. These measures fall within the framework of the provisions of Federal Decree Law No. 20 of 2018 on combating money laundering crimes; financing of terrorism and illegal organizations; and the implementation of the regulations.
The original full article can be found at wam.ae