SCA’s Working Group on Anti-Money Laundering and Counter-Terrorism Financing Procedures
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SCA’s Working Group on Anti-Money Laundering and Counter-Terrorism Financing Procedures

The international community is deeply concerned about the potential consequences of money laundering and terrorism financing as well as the associated crimes as they tend to threaten the integrity and stability of the financial sector and the economy as a whole, undermine the soundness and stability of financial systems and instruments, discourage foreign investments, and affect international capital inflows. Such crimes may also have adverse consequences on the financial stability and the macroeconomic performance of a country, thus causing welfare loss and resource depletion.

In an increasingly interlinked and interrelated world, the negative impacts of financial crimes are taking on a global dimension as those involved in money laundering and terrorism financing take advantage of the deep interdependence at the heart of the global financial order to achieve their objectives. Accordingly, as such crimes compromise the integrity and stability of the financial sector and as financial markets and institutions are the most targeted by money launderers and terrorists in their attempt to conceal their identity and the sources of their funds, this has become a matter of great concern to SCA and has been mirrored in the creation of a working group assigned with following up on the implementation of procedures aimed to combat money laundering and terrorism financing.

This working group is assigned with following up the compliance of SCA-licensed entities with the provisions of Federal Law No. (4) of 2002 Concerning Combating Money Laundering Crimes and Terrorism Financing; the amendments thereof; and the regulations issued thereunder and with the SCA Board Chairman’s Resolution No. (17/R) of 2010 Concerning Anti-Money Laundering and Counter-Terrorism Financing Procedures and the amendments thereof.

The group is also responsible for reviewing and following up on the implementation of procedures applicable to entities falling under SCA’s supervision, in accordance with the best international standards for combating money laundering and terrorism financing. It also keeps up with the latest regional and international developments in this regard.

SCA urges related parties and investors in UAE-based financial markets to report any suspicious transactions as part of its ongoing cooperation and coordination efforts with government bodies and departments. It reiterates its commitment to maintain the confidentiality of the information and data provided, hoping to work collaboratively with individuals and institutions alike to combat money laundering and terrorism financing and to achieve tangible and concrete results, thus benefiting financial markets and the UAE economy at large.


 

LEGISLATION

Legislation and regulations issued to combat money laundering and terrorism financing:

CIRCULARS

Circulars issued to combat money laundering and terrorism financing:

  1. Circular No. (1) of 2015 Concerning the Freezing/Unfreezing of Accounts of Individuals Designated As Having Links to Terrorist Organizations, as per the UN resolutions
    (addressed to licensed, UAE-based securities and commodities markets).

  2. Circular No. (2) of 2015 Concerning the Freezing/Unfreezing of Accounts of Individuals Designated As Having Links to Terrorist Organizations, as per the UN resolutions 
    (addressed to companies engaged in the securities and commodities business in the UAE).

  3. Circular No. (3) of 2015 Concerning the List of Terrorist Individuals and Organizations Approved by the United Arab Emirates 
    (addressed to companies engaged in the securities and commodities business).

  4. Circular No. (4) of 2015 Concerning the List of Terrorist Individuals and Organizations Approved by the United Arab Emirates (addressed to licensed, UAE-based securities and commodities markets).

  5. Circular No. (1) of 2017 Concerning the List of Terrorist Individuals and Organizations Approved by the United Arab Emirates and its updates
    (addressed to licensed, UAE-based securities and commodities markets).

  6. Circular No. (1) of 2017 Concerning the List of Terrorist Individuals and Organizations Approved by the United Arab Emirates and its updates  No. (2) of 2017 on the list of terrorist individuals and organizations approved by the UAE and its updates
    (addressed to companies engaged in the securities and commodities business).

  7. Circular No. (2) of 2017 Concerning the List of Terrorist Individuals and Organizations Approved by the United Arab Emirates and its updates
    (addressed to companies engaged in the securities and commodities business).

  8. Circular No. (2) of 2017 Concerning the List of Terrorist Individuals and Organizations Approved by the United Arab Emirates and its updates
    (addressed to securities and commodities markets).

  9. Circular No. (1) of 2018 Concerning the List of Terrorist Individuals and Organizations Approved by the United Arab Emirates
    (addressed to companies engaged in the securities and commodities business).

  10. Circular No. (1) of 2018 Concerning the List of Terrorist Individuals and Organizations Approved by the United Arab Emirates
    (addressed to securities and commodities markets).

AWARENESS

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CONTACT US

You can reach us through amltfc@sca.ae