Anti Money Laundering Services

Money laundering, in layman’s terms, is the illegal process of converting money attained by performing prohibited activities into “clean” money.

Prevention of Money Laundering is a Matter of National Interest

Being a responsible citizen of your country, you should not conceal the source/s of all your income from the authorities in the nation. Unfortunately, every country has to deal with black hats who are involved in money laundering by forming strict laws and guidelines. By passing money through knotty transfers and transactions, or through a series of businesses, the money is “cleaned” of its illegitimate origin and made to appear as legitimate business profits. It’s no more a secret that every year, money laundering operations deal with trillions of dollars across the world, considerably impacting major national economies. And developed countries like the UAE is no exception. Money laundering is a predicament for the UAE, despite the measures the nation has taken to battle financial, organised, and terrorist crimes. It was in 2001 when the nation came forward and took major steps to keep track of cash flows and to cooperate with global endeavours so that it can withhold financing suspicious organisations through the UAE financial system.

Anti-Money Laundering Laws

In order to safeguard the country against the possibility of money laundering and terrorist funding, the UAE Government has implemented a robust Anti-Money Laundering (AML) system by enacting – Law No. 4/2002, the Anti-Money Laundering law & Law No. 1/2004, the counterterrorism law are the two laws. The principle AML/CFT legislation applicable is the Federal Decree-Law No. (20) of 2018 On Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations (the “AML-CFT Law” or “the Law”) and implementing regulation, Cabinet Decision No. (10) of 2019 Concerning the Implementing Regulation of Decree Law No. (20) of 2018 On Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations (the “AML-CFT Decision” or “the Cabinet Decision”).

Services on AML requirements

Keeping up with the ever-changing AML regulatory requirements is quite challenging for businesses worldwide. Even a minor fault on your part can show you severe consequences such as loss of penalties, loss of reputation, and even legal proceedings. Therefore, it makes absolute sense you approach a professional Anti Money Laundering Consulting Firm in UAE for the required support to avoid any unpleasant happenings.

Learning the wrinkles from someone more experienced in the field not only gives you peace of mind but also saves tons of time. Whether you are setting up a business in UAE or any part of the world, the implementation of a powerful Anti Money Laundering system all across your business is important. The strict regulations against money laundering and suspicious activities imposed by the government bodies and the ever-rising AML compliance needs have made remaining compliant challenging. Here comes the need to take advice from an expert business setup consultant in UAE. RHMC Management Consultants is amongst the best firms in UAE armed with the most experienced professionals who got the whole hog to render quality AML consulting services for your entire AML journey. Because we understand that being AML compliant is not only crucial for companies but also, it’s a social commitment for them.