UAE issues new law to combat money laundering, terror financing

The United Arab Emirates has passed a new law to counter money laundering and terror financing, state news agency WAM said.

The decree was issued by UAE President Sheikh Khalifa bin Zayed Al Nahyan.

“This law aims to combat money-laundering and to establish a legal framework that supports and strengthens the efforts of the relevant authorities in the nation in countering money-laundering and related crimes,” said  Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, said.

The law also counters financing of terrorist operations and suspicious organizations, he added.

The new decree is part of the requirements and recommendations of the Financial Action Task Force (FATF).

Separately, the country also issued a law on foreign direct investment (FDI), aiming to promote and develop the country's business environment, and attract foreign investments.

Under the new regulation, an FDI unit will be established in the Ministry of Economy. It will be responsible for proposing foreign direct investment policies in the country.