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Article (9)

DFL 20/2018 Effective from 23/10/2018

Central Bank of the UAE shall establish an independent “Financial Intelligence Unit” to which suspicious transaction reports, Information on all financial institutions and designated nonfinancial businesses and professions Virtual Asset Service Providers shall be sent exclusively for consideration, analysis, and referral to the competent authorities, either automatically or upon request The Financial Intelligence Unit shall have competence over the following:

  1. Requesting financial Institutions and designated nonfinancial businesses and professions. Virtual Assets Service Providers and the competent authorities to submit any information or further documentation related to received reports and information and other information deemed necessary for Financial intelligence Unit to perform its duties on schedule and in the form determined by the Unit.
     
  2. Exchanging information with its counterparts in other countries, with respect to Suspicious Transactions Reports or any other information to which the Financial Intelligence Unit has exclusive access or is the exclusive recipient, whether directly or Indirectly, according to international agreements to which the State is a party or bilateral agreements signed by the Financial Intelligence Unit with its counterparts governing bilateral cooperation or conditional upon reciprocity, the financial intelligence unit may communicate to its counterparts its findings derived from the use of the information provided by its counterparts and the results of the analysis conducted based on this information. Such Information shall be used only for the purposes of combating the crime and shall not be disclosed to third parties without the Financial Intelligence Unit’s permission.
     
  3. Establishing a database or a special register to record all available information and to implement data privacy and data security procedures to protect this information including procedures for handling, archiving transferring and accessing the data, and make sure that access to its premises, its database and its technology systems is restricted.
     
  4. Any other competencies to be specified in the Executive Regulation attached to the present Decree-Law.

 

This article has been amended by Federal Decree-Law No. (26) of 2021. You are viewing the latest version. To view the previous version, click the version box below.
Version 1(effective from 23/10/2018 to 13/09/2021)

 

An independent “Financial Intelligence Unit” shall be established in the Central Bank, to which Suspicious Transaction reports and related information from all Financial Institutions and Designated Nonfinancial Businesses and Professions shall be sent exclusively for consideration and analysis and referral to the competent authorities, spontaneously or upon request. The FIU shall have competence over the following:

1- Requesting Financial Institutions and Designated Nonfinancial Businesses and Professions and the competent authorities to submit any information or additional documentation related to received reports and information, and other information deemed necessary for the FIU to perform its duties, on schedule and in the form determined by the Unit.

2- Exchanging information with its counterparts in other countries, with respect to Suspicious Transactions Reports or any other information to which the FIU has access or is the recipient, whether directly or indirectly, according to international agreements to which the State is a party or bilateral agreements signed by the FIU with its counterparts governing bilateral cooperation or conditional upon reciprocity. The FIU may communicate to its counterparts its findings derived from the use of the information provided by its counterparts and the results of the analysis conducted based on this information. Such information shall be used only for the purposes of combating the Crime and shall not be disclosed to third parties without the FIU’s permission.

3- Establishing a database or a special register to record all available information and to implement data privacy and data security procedures to protect this information including procedures for handling, archiving and transferring and make sure that access to its premises, its database and its technology systems is restricted.

4- Any other competences to be specified in the Executive Regulation to the present Decree Law.