1.3. Legal Basis
يسري تنفيذه من تاريخ 11/11/2021This Guidance builds upon the provisions of the following laws and regulations:
| • | Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations (“AML-CFT Law)” and its amendment (Federal Decree Law No. (26) of 2021 amending certain provisions of Federal Decree Law No. 20 for 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations). | |||
| • | Cabinet Decision No. (10) of 2019 concerning the Implementing Regulation of Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations (“AML-CFT Decision”). | |||
| • | Cabinet Decision No. (74) of 2020 Regarding Terrorism Lists Regulation and Implementation of United Nations Security Council (UNSC) Resolutions on the Suppression and Combating of Terrorism, Terrorist Financing, Countering the Proliferation of Weapons of Mass Destruction and its Financing and Relevant Resolution (“Cabinet Decision 74”). | |||
| • | CBUAE Regulations regarding Licensing and Monitoring of Exchange Business issued in January 2014 (“the Regulations”) issued by Notice 1/2014 dated 06/01/2014 and its amendment issued by Notice 269/2016 on 25/08/2016. | |||
| • | Chapter 16 on AML/CFT Compliance of the Standards for the Regulations Regarding Licensing and Monitoring of Exchange Business, Version 1.20 of November 2021 amending Version 1.10 of February 2018 (“The Standards”). | |||
Furthermore, LEH may be guided by the FATF standards on AML/CFT, Guidance for a Risk Based Approach for Money or Value Transfer Services, and Report on Money Laundering through Money Remittance and Currency Exchange Providers2.
2 FATF: Guidance-RBA-money-value-transfer-services.pdf (fatf-gafi.org); and Money laundering through money remittance and currency exchange providers (fatf-gafi.org)