Key Considerations: Confidentiality on AML matters

Confidentiality is the essential part to be considered in UAE. It is a key consideration, in almost every part of UAE’s matters including criminal, civil, business, inventory situations and even employment matters. It is treated as a top priority.

When a serious matter is dealt by professional companies or individuals, then confidentiality part is always adopted. It means the non-confidential is observed between the parties or among the parties. Whatever the legal matter is, non-confidentiality must be part of every agreement in UAE, as per its extent or requirement.

Nowadays AML is a serious matter in the world. UAE is also taking serious steps to eradicate the money laundering from the country. Confidentiality matters play a vital role in AML matters. It is equally applied to both parties to keep the information secret and highly classified. Let’s elaborate on it further.

AML or anti-money laundering’s legal framework is updated through recent amendments to UAE Law. Most importantly, the Federal Decree-Law, Article 15 of Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Countering the Financing of Terrorism has been replaced with Article 1 of Federal Decree-Law No. 26 of 2021. This new amendment provides more strength and command to AML Law and brings the institutions and businesses, under the strong check of law.

Now businesses and services must have to report any suspicious transactions or report any suspicious funds that might lead to criminal charges, based on some criminal activity or initiated by criminals. It has to be reported to (FIU), which stands for Financial Intelligence Unit.

While reporting it is also required to provide proof, supporting documents, facts, information or any report to prove and justify their suspicions or beliefs. It is to be noted that complainants are not allowed to share details other than FIU. Especially when the proofs have been presented to FIU. Confidentiality can’t be compromised.

It also applies to vice versa. If it is applied to businesses and services not to share confidential information then it also applies to the concerned government authorities and entities. To explain this phenomenon legally, please be informed that updated Federal Decree-Law No. 26 of 2021, also mandates that all the secret information held by government authorities and entities about suspicious transactions and funds can’t be shared. If any breach is found then people from authorities can also be questioned or investigated.

Are you interested to know more about the AML? Do you need any legal assistance about the law, its modifications or the process to submit the proofs to FIU? Do you want any sort of clarification? Do you want to learn more about the Anti Money Laundering in UAE? If yes then we can provide you the legal knowledge and can help you to understand the latest laws. We are a professional law company with an advanced approach to delivering the latest services and results. We have a team of competent and experienced attorneys and legal consultants.

Read More: Anti Money Laundering Laws in UAE