Nam Accountant is the ideal choice for anyone seeking top-quality goAML Registration services in UAE. So why wait?
In line with the UAE’s interest in and commitment to enforcing AML/CFT legislation, the ‘Higher Committee Overseeing National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism’ was formed and headed by His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation. This strategy will implement 12 national strategic goals from 2020-to 2023. The Governor of the Central Bank chairs the NAMLCFTC, which was founded in the year 2000. It controls the country's strategies and efforts to tackle money laundering and terrorist financing.
All Designated non-financial businesses and Professionals must file an annual AML/CTF risk assessment report to the Ministry of Economy (MoE). It involves providing internal and external information about the business to assess AML compliance and determine a risk score. The Ministry of Economy seeks this information annually as part of their supervisory activities using a risk-based approach. Entities must provide accurate information and comply with AML laws and regulations to avoid penalties from authorities.
The Ministry of Economy launched a campaign for DNFBPs in the UAE to register with goAML system and comply with anti-money laundering laws. The registration deadline was April 30, 2021, but is still open. AML violators may face fines up to AED 1,000,000.
Federal Decree No. 20 of 2018 on Anti-Money Laundering and Countering the Financing of Terrorism was issued to establish a legal framework for complying with international standards on anti-money laundering and countering the financing of terrorism. Primarily, it describes the legal requirements the government must observe to comply with international standards. In addition, it capitalizes on the legal and institutional framework’s efficacy in implementing procedures and interventions that help anti-money laundering efforts and fight terrorism and criminal organization financing.
The UAE conducted its first national risk assessment on money laundering and terrorist funding in 2018, with broad participation from all relevant authorities. According to the assessment, money laundering and terrorist funding are high risks in various regions. FATF (Financial Action Task Force) reviewed the UAE in compliance with international standards in 2019 and discovered a range of areas that would benefit from a national structure to tackle money laundering and terrorist funding.