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Changes Proposed To Dubai's AML Rules

by Mary Swire,, Hong Kong

25 October 2012

The Dubai Financial Services Authority (DFSA) has proposed changes to its anti-money laundering (AML) and ancillary service provider regimes.

The proposals were made as a result of a review of the AML rules, and the aim is to simplify and rationalize the framework and ensure that it is up-to-date.

The DFSA is proposing the replacement of the current AML module and all AML rules contained in other modules. A single, consolidated AML module would take its place, and would apply to all those who are subject to the AML regime.

The DFSA is also recommending changes to the articles of the Regulatory Law 2004 that deal with its exercise of powers on behalf of other regulators and with the delegation of functions and powers to other regulators. Under the changes, the "other regulators" category would be expanded to include a governmental or regulatory authority exercising powers and performing functions relating to counter terrorist financing or international sanctions.

This would allow the DFSA to exercise its power on behalf of other regulators, including the Anti-Money Laundering Suspicious Cases Unit of the United Arab Emirates (UAE) Central Bank, or to delegate its functions and powers to another regulator in cases of suspected terrorist finances or sanctions breaches.

The DFSA's consultation on its proposals closes on December 16. Any changes to the DFSA's rules may still have to be amended following the consultation period, as the UAE federal authorities are currently reviewing and updating the wider UAE AML laws and regulations.

TAGS: money-laundering | United Arab Emirates | law | legislation | standards | regulation | legislation amendments | Dubai

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