In application of the provisions of the present Decree-Law, the following terms and expressions shall have the following meanings assigned to them unless the context requires otherwise:

State: United Arab Emirates

Ministry: Ministry of Finance

Minister: Minister of Finance

Central Bank: Central Bank of the UAE

Governor. Governor of Central Bank

Committee: National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organizations

Unit: Financial intelligence Unit

Supervisory Authority: Federal and local authorities which are entrusted by legislation to supervise financial institutions, designated non-financial businesses professions, Virtual Asset Service Providers and non-profit organizations or the competent authority in charge of approving the pursuit of an activity or a profession in case a supervisory authority is not assigned by legislations.

Law-enforcement Authorities: Federal and local authorities which are entrusted under applicable legislation to combat, search, investigate and collect evidences on the crimes including AML/CFT crimes and financing illegal organizations.

Competent Authorities: The competent government authorities in the State entrusted with the implementation of any provision of this Decree Law.

Predicate Offence: Any act constituting a felony or misdemeanor under the applicable laws of the State whether this act is committed Inside or outside the State when such act is punishable In both countries.

Money Laundering: Any of the acts mentioned in Clause (1) of Article (2) of the present Decree-Law.

Financing of Terrorism: Any of the acts mentioned in Articles (29, 30) of Federal Law no. (7) of 2014.

Illegal Organizations: Organizations whose establishment is criminalized or which exercise a criminalized activity.

Financing Illegal Organizations: Any physical or legal action aiming at providing funding to an illegal organization, or any of its activities or its members.

Crime: Money laundering crime and related predicate offences, or financing of terrorism or Illegal organizations.

Funds: Assets, whatever the method of acquisition, type and form, tangible or intangible, movable or Immovable, electronic, digital or encrypted, Including local and foreign currencies, legal documents and instruments of whatever form, including electronic or digital form that proves ownership of such assets, shares or related rights and economic resources that are assets of any kind, including natural resources, as well as bank credits, cheaques, payment orders, shares, securities, bonds, bills of exchange, letters of credit, and any interest, profits or other incomes derived or resulting from these assets, and can be used to obtain any financing or goods or services.

Virtual Assets: A digital representation of the value that can be digitally traded or transferred, and can be used for payment or investment purposes, and otherwise, as specified in the Executive Regulation of this Decree-Law.

Proceeds: Funds generated directly or Indirectly from the commitment of any felony or misdemeanor including profits, privileges, and economic interests, or any similar funds converted wholly or partly into other funds.

Means: Any means used or intended to be used to commit a felony or misdemeanor.

Suspicious Transactions: Transactions related to funds for which there are reasonable grounds to believe that they are earned from any felony or misdemeanor or related to the financing of terrorism or of Illegal organizations, whether committed or attempted.

Freezing or seizure: Temporary attachment over the moving, conversion, transfer, replacement or disposition of funds in any form, by an order issued by a competent authority.

Confiscation: Permanent expropriation of private funds or proceeds or instrumentalities by a ruling issued by a competent court.

Financial Institutions: Anyone who conducts one or several of the financial activities or transactions defined In the Executive Regulation of the present Decree Law for the account of /or on behalf of a client.

Designated Nonfinancial Businesses and Professions: Anyone who conducts one or several of the commercial or professional activities defined in the Executive Regulation of this Decree Law.

Non-Profit Organizations: Any organized group, of a continuing nature set for a temporary or permanent time period, comprising natural or legal persons or not for profit legal arrangements for the purpose of collecting, receiving or disbursing funds for charitable, religious, cultural, educational, social, communal or any other charitable activities.

Legal Arrangement: A relationship established by means of a contract between two or more parties, including but not limited to trust funds or other similar arrangements.

Client: Any person involved in or attempts to carry out any of the activities specified in the Executive Regulations of this Decree Law with one of the financial institutions or designated nonfinancial businesses and professions or Virtual Asset Service Providers

Beneficial Owner: The natural person who owns or exercises effective ultimate control over the client or the natural person on whose behalf a transaction is being conducted or, the natural person who exercises effective ultimate control over a legal person or legal arrangement, whether directly or through a chain of ownership, control or other indirect means.

Virtual asset service providers: Any natural or legal person, who practices any activity of commercial business, conducts one or more of the activities of virtual assets specified in the Executive Regulation of this Decree-Law, or the operations related there to for the benefit or on behalf of another natural or legal person.

Transaction: All disposal or use of Funds or proceeds including for example: deposits, withdrawals, transfer, sale, purchase, lending, swap, mortgage, and donation.

Registrar: The entity in charge of supervising the register of commercial names for all types of establishments registered In the State.

Customer Due Diligance (CDD): The process of identifying or verifying the Information of a Client or Beneficial owner, whether a natural, legal person or a legal arrangement, the nature of its activity, the purpose of the business relationship, the ownership structure, control over it for the purpose of this Decree-Law and its Executive Regulation.

Controlled Delivery: The process by which a competent authority allows the entering or transferring of illegal or suspicious funds or crime revenues to and from the State for the purpose of Investigating a crime or identifying the identity of Its perpetrators.

Undercover Operation: The process of search and Investigation conducted by one of the judicial impoundment officer by impersonating or playing a disguised or false role in order to obtain evidence or information related to the Crime.