These entities are regulated in the same manner as credit & financial institutions. Every sector has certain anti-money laundering regulations set with respect to risk exposure of the nature of business. The list of DNFBPs is constantly updated and so, always remains relevant.
All countries must enforce these AML regulatory requirements on Designated Non-Financial Businesses & Professions:
As per the FATF, the jurisdictional authorities need to take steps for the supervision of DNFPBs. These are:
Anyone engaged in one or more of the following business activities defined in Article 3 of the Cabinet Decision, Central Bank of the United Arab Emirates:
(a) Giving another person the authority to serve as secretary or director of a firm, as a partner or in the same capacity as a legal person.
(b) Acting as an agent in creating or establishing legal persons.
(c) Taking action or giving another person the power to act as a trustee for a direct Trust, or performing a similar function for the benefit of another form of legal arrangement.
(d) Provision of a work address, registered office, residence, correspondence address, or administrative address of a legal arrangement or legal person.
(e) Equipping another individual to act as a nominal shareholder in favour of another individual.
4. Notaries, lawyers, and other independent legal professionals and accountants, when preparing, conducting or executing financial transactions for their clients in respect of:
(a) Selling and buying of real estate.
(b) Management of bank accounts, securities accounts, or saving accounts.
(c) Management of funds owned by the client
(d) Setting up funds for establishing, operating or managing companies.
(e) Setting up, managing, or operating legal arrangements or legal persons.
(f) Selling and buying of commercial entities.
5. Other business activities set forth upon a decision of the Minister.
On August 22, 2021, at the directive of His Highness Sheikh Mohammed bin Rashid al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Dubai Courts announced the establishment of a specialized new court that will focus on combating money laundering. The announcement comes just months after the UAE Cabinet approved the establishment of the Executive Office of Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT).
These two developments together further demonstrate the UAE’s ongoing efforts to implement and maintain a sophisticated financial crime compliance framework that is in line with FATF’s expectations and recommendations.
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