Mohammed issues Cabinet resolution

His Highness Sheikh Mohammed bin Rashid Al Maktoum,  Vice-President and Prime Minister of the UAE and Ruler of Dubai, has issued Cabinet Resolution No (38) of 2014 on the Statute of Federal Law on anti-money laundering and combating the financing of terrorism.

Prescribed in 25 articles, the resolution states that Central Bank may freeze, for a period not exceeding seven working days, any accounts or moneys of illicit source and/or obtained or generated by criminal activity or related to financing of terrorist activities or organisations; in such case, the Central Bank must immediately inform the Public Attorney.

The Resolution also stated that Customs Authority must implement the money declaration regime issued by the UAE Central Bank on any cross-border movement of physical currency, payable to bearer financial instruments, precious metals or valuable stones.

The Resolution is considered active from the date of issuance on  November 15, 2014 and to be published in the Official Gazette.

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