UAE issues new FDI laws

The UAE has issued a number of new laws designed to promote the state’s investment industry and to bring its regulations in line with international standards. The new laws are contained within Decree-Law No. (19) on Foreign Direct Investment (FDI) which was issued by President Sheikh Khalifa bin Zayed Al Nahyan. Among the measures contained within the decree is a new law on anti-money laundering (AML) and terrorist financing, in line with the recommendations of the Financial Action Task Force (FATF), the international body which sets standards for policing the illicit flow of money. One of the key FATF recommendations is the setting up of an independent financial information unit within the central bank to investigate any reports of illicit financing. The UAE decree follows recent measures taken by the Dubai International Finance Centre to update its AML and terrorist financing rules. ©2018 funds global mena

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