ADGM plans to revise its money laundering regime

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The Abu Dhabi Global Market’ (ADGM) financial regulatory regime is designed to fulfil and augment the ongoing efforts of the UAE in combatting financial crimes.

Monday 11, February 2019 BY MUZORIWA KUDAKWASHE

The ADGM has published a consultation paper setting out proposed revisions to its’s regime for combatting money laundering, the financing of terrorism and proliferation as well as the financing of unlawful organisations.

In a statement, the ADGM stated that these proposed enhancements are aligned with the recently revised UAE Federal anti-money laundering legislation and the recommendations of the Financial Action Task Force (FATF).

The proposed revisions to the existing anti-money laundering regime have been formulated in the context of a recent review of the federal criminal laws of the UAE in relation to financial crimes.

The regulator will require all financial institutions and designated non-financial businesses, as well as professionals registered in ADGM, will to comply with the revisions to the regime.

 

TAGS : ADGM, Anti-money laundering

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