(Risk Based Control Approach)
Pursuant to the relevant Cabinet decisions, the Ministry of Economy is the supervisory authority entrusted with the supervision of the ‘Designated Non-financial Businesses and Professions’ (DNFBPs) sector at the state level and commercial free zones with regard to AML/CFT. It is committed to developing a strong regulatory framework and providing a safe environment for organizations, companies, and designated non-financial professions to work within.
The DNFBPs sectors include a wide range of non-financial sectors and activities that 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. The categories under these sectors have been divided according to the nature of activity in each sector, as follows:
To implement the supervisory role that it has been entrusted with, the Ministry announced the development of its operational plan and initiatives under the National Strategy on AML/CFT, through the role it plays in supporting the UAE’s efforts in confronting money laundering practices, and strengthening its framework for action in confronting money laundering crimes combating the financing of terrorism and financing illegal organizations at the global level.
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 business and professions sectors, in accordance with the provisions of Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations, and its Implementing Regulation.
The main objective of the Ministry's efforts in this area is to raise the level of compliance and commitment to international requirements and to preserve the position and status of the national economy and its good reputation in various global markets and among all partner countries and international organizations. The priorities during the next phase are based on providing all forms of awareness, advisory and training support possible for designated non-financial businesses and professions and raising their level of knowledge in order to be able to fulfill their obligations in partnership with various economic sectors.
The Ministry's economic policy contributes to its institutional work based on integrated legislation in accordance with international best practices on AML/CFT in raising the competitiveness of the country's economic, investment and financial environment to pioneering levels, and this leads to an attractive climate for business and investment in a wide range of sectors that represent a driver to build a balanced, resilient and sustainable future economic model derived from the reputation and effectiveness of the UAE economy.