AML Consulting - Getcompany.ae

Anti Money Laundering(AML)

Anti Money Laundering (AML) encompasses a set of laws, regulations, and procedures designed to uncover attempts to disguise illegal funds as legitimate income. Money laundering aims to conceal various criminal activities, ranging from minor tax evasion and drug trafficking to public corruption and the funding of designated terrorist organizations. The implementation of AML regulations worldwide is a response to the expansion of the financial industry, the removal of international capital controls, and the increased ease of conducting complex financial transactions.

In the UAE, the Anti-Money Laundering and Countering the Financing of Terrorism legislation was introduced to establish a robust legal and regulatory framework that aligns with international standards for preventing money laundering and combating terrorist financing.

The law aims to:

• combat money-laundering practices

• establish a legal framework that supports the authorities concerned with anti-money laundering and crimes related to money-laundering

• counter the financing of terrorist operations and suspicious organisations

According to the Decree-Law, an individual is considered a perpetrator of a money-laundering offense if they possess knowledge that the money in question originates from a criminal act, and deliberately engage in any of the following actions:

1.transferring or transporting proceeds of crime with intent to conceal or disguise its illicit origin

2.concealing or disguising the true nature, origin, location, way of disposition, movement or rights related to any proceeds or the ownership thereof

3.acquiring, possessing or using such proceeds

4.assisting the perpetrator of the predicate offence to escape punishment.

The Law stipulates that money laundering is independent of the predicate crime and that the punishment of the person who has committed a predicate offence shall not protect him or her from being penalised for money laundering. Penalties other than charges include anywhere from AED 50,000 to AED 5,000,000.

For more information

Address

305, Hamsah – A,
Ansar Gallery, Al Karama,
Dubai, United Arab Emirates.
P.O.Box : 26053

+971-50-986-6466

+971-52-846-1732

info@spectrumaccounts.com

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