The Ministry of Economy announced the development of its operational plan and initiatives under the National Strategy on Anti-Money Laundering and Countering Financing of Terrorism, through the role it plays in supporting the UAE’s efforts in combatting money laundering practices and strengthening its framework for action in fighting money laundering crimes, as well as combatting the financing of terrorism and financing illegal organizations locally and globally. The Ministry has established a specialized department within its organizational structure, called the ‘Anti-Money Laundering Department,’ to follow up and implement its operational strategy with regard to awareness, control and inspection of all activities listed under the designated non-financial businesses and professions sectors, in accordance with the provisions of Federal Decree Law No (20) of 2018 on Anti-Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organizations, and its Implementing Regulation. This contributes to raising the competitiveness of the economic, investment and financial environment in the UAE, creating an attractive environment for business and investment, and consolidating the country’s position as an economic leader.

Sectors of Designated Non-Financial Businesses and Professions

The DNFBPs include a wide range of non-financial sectors and activities that are mostly exposed to the risks of money laundering and misuse of commercial transactions and the funds traded in them for the purposes of money laundering or other illegal practices, given the nature of the services they provide or the products they deal with. This falls in line with international standards issued by FATF.

• Brokers and real estate agents
• Dealers of precious metals and gemstones
• Independent accountants and auditors
• Corporate service providers