UAE anti-money laundering draft law amended | The National:
"The FNC has made a number of amendments to its key money-laundering legislation. The name of the draft law has been changed to “the anti-money-laundering and combating the financing of terrorism” law. It was previously known as the “anti-money-laundering offences” law.
The first draft had included four activities that were considered criminal offences – transferring, depositing, transmitting or replacing money with the purpose of hiding or disguising its illicit origin. The FNC committee has added two more offences: saving or investing in illegal money.
The amendments aim to criminalise money laundering and to address some of the issues raised by International Monetary Fund experts in their evaluation report on the UAE’s system to combat the illegal practice."
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