Financial Intelligence Unit to combat AML in UAE

This article discusses Federal Decree by Law No 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations in United Arab Emirates. Here we will see Financial Intelligence Unit to combat AML in UAE in detail.

CBUAE shall establish an independent “Financial Intelligence Unit” (FIU) to which suspicious transaction reports, information on all financial institutions and designated nonfinancial businesses and professions shall be sent exclusively for consideration and analysis and referral to the competent authorities, either automatically or upon request. The Financial Intelligence Unit shall have competence over the following:

Requesting financial institutions and designated nonfinancial businesses and professions and the Relevant Authorities to submit any information or further documentation related to received reports and information and other information deemed necessary for FIU to perform its duties on schedule and in the form determined by the Unit.

Exchange of Information with other Countries

Exchanging information with its counterparts in other countries, with respect to Suspicious Transactions Reports (STR) or any other information to which the FIU has exclusive access or is the exclusive recipient, whether directly or indirectly, according to international agreements to which the State is a party or bilateral agreements signed by the FIU with its counterparts governing bilateral cooperation or conditional upon reciprocity.

The FIU may communicate to its counterparts its findings derived from the use of the information provided by its counterparts and the results of the analysis conducted based on this information. Such information shall be used only for the purposes of combating the crime and shall not be disclosed to third parties without the FIU’s permission.

Establishing a database or a special register to record all available information and to implement data privacy and data security procedures to protect this information including procedures for handling, archiving transferring and accessing the data, and make sure that access to its premises, its database and its technology systems is restricted.

Any other dedicated activities to be specified in the Implementing Regulation attached to the present Decree-Law.

Public Prosecution to work with FIU

The Public prosecution may seek the opinion of the FIU about incoming reports it receives related to cases of money laundering, financing of terrorism and of illegal organisations.

Law Enforcement Authorities shall be responsible for receiving and following-up on suspicious transactions reports received from the FIU and gathering related evidence.

Law Enforcement Authorities may obtain the information that it deems necessary to perform its duties from the Relevant Authorities as stipulated under the Implementing Regulation of the present Decree-Law.