FINANCIAL MONITORING IN THE UAE

FINANCIAL MONITORING IN UAE

Foreign investors can transfer funds outside the UAE from the proceeds of a foreign direct investment project, including:

• Annual net profit.
• Income received from the liquidation of the investment or the sale of all or part of the foreign direct investment project.
• Funds received from the settlement of disputes related to the project of direct foreign investment. ( Article 8(2) of the Law on FDI. )

Employees of a foreign investment company may transfer their wages, compensation and entitlements outside the UAE in accordance with the provisions of the FDI Law and any other applicable regulations (Article 8(3) of the FDI Law).

Anti-money laundering

The UAE has a comprehensive anti-money laundering system in place, including laws, regulations and procedures that enable them to cooperate in the internationally declared fight against money laundering. The National Anti-Money Laundering Committee, formed by the UAE Central Bank, is jointly responsible for the coordination of anti-money laundering policies in the UAE. The committee consists of representatives of the Central Bank, the Ministry of Interior, the Ministry of Finance, the Ministry of Justice, the Ministry of Economy and Trade, the UAE Customs Council and various municipalities, as well as the five largest national banks and three major currency exchanges. as observers.

The central bank issued various circulars establishing requirements for customer identification and suspicious transaction reporting and imposed a comprehensive set of obligations, including specific requirements for verification of letters of credit and related documents. Money laundering and related offenses are punishable under Federal Act No. (3) of 1987 promulgating the Criminal Code (as amended).

Any monetary transaction within and from the UAE abroad must comply with anti-money laundering and anti-terrorist financing laws.

So, in the UAE, the rules for compliance with the legislation in the field of money laundering and combating illegal criminal activity are quite strict. Bank lawyer in the UAE is one of our main job profiles. Our bank lawyer will advise you on the following issues

• How much money can be deposited in a bank in the UAE?
• What to do when the bank requested documents about the origin of the cats?
• What documents confirm the origin of funds?
• Where to get documents confirming the origin of funds?
• What to do if there are not enough documents about the origin of the funds?
• How to withdraw (return) blocked funds in the UAE bank?
• How to close a bank account?
• How to legally bypass financial monitoring in the UAE?
• What to do if there is no source of funds?
• How to pass finmon in a Swiss bank?

There are no restrictions on individuals or legal entities transferring money outside the UAE.