In order to provide global standards for current and new investors, the UAE is working to align itself with international regulatory standards for Anti-Money Laundering / CFT Compliance Regime.
In light of this, the UAE has introduced the goAML scheme, which includes DNFBPs developed on the Mainland and in Freezones to comply with Cabinet Decision No. (10) of 2019 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations (AML/CFT Law).
In response to the Financial Action Task Force’s (FATF) Report on the UAE’s compliance with international anti-money laundering (AML) standards, the UAE has implemented this expanded structure. The FATF is a body tasked with safeguarding the global financial system from illicit funds. The UAE was advised in the report to take steps to minimize any financial crime threats posed by its status as a financial and investment center.