The United Arab Emirates (UAE) has issued Federal Law No. 20 of 2018 on Anti-Money Laundering (the AML Law), which boosts the UAE’s commitment to international laws and treaties and establishes a legal framework to further combat money laundering and financing of terrorism and other illegal organisations.
With the re-imposition of the second set of United States (US) sanctions against Iran looming in November 2018, companies in the United Arab Emirates (UAE) are very concerned about unwittingly breaching the US sanctions regime and incurring penalties for doing business with Iran. This is according to a survey of participants conducted at seminars in Abu Dhabi and Dubai hosted by global law firm Baker McKenzie in October 2018.
Internal or regulatory-driven investigations into criminal or other improper conduct by individuals or their companies can raise serious issues, having long-lasting impact on risk management, reputation and costs. Delivering a thorough, carefully planned and credible investigation will minimise disruption to your business, help you maintain control of the process and ultimately could help mitigate the risk of corporate criminal, civil or regulatory liability and the resultant sanctions.