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  • Part VI – Anti-Money Laundering and Combating the Financing of Terrorism

    • A. VARA’s Supervisory Authority

      1. These Regulations are made in recognition of Federal Decree-Law No. [20] of 2018 on Anti Money Laundering, Combating the Financing of Terrorism and Financing of Illegal Organisations, Federal Law No. [7] of 2014 on Combating Terrorism Offences and any other federal legislation relating to money laundering, terrorist financing, the financing of unlawful organisations or sanctions non-compliance as may be amended from time to time [the Federal AML-CFT Laws].
      2. A reference in these Regulations to money laundering is taken to include the financing of terrorism and all other unlawful organisations, and sanctions non-compliance.
      3. For the purposes of the Federal AML-CFT Laws, by virtue of the Dubai VA Law, VARA—
        a. is designated as a Supervisory Authority for the Emirate in respect of all VASPs and VA Activities;
        b. is responsible for regulation in relation to money laundering in the Emirate in respect of all VASPs and VA Activities; and
        c. has the power to supervise compliance with relevant Federal AML-CFT Laws by VASPs in the Emirate.
      4. Nothing in these Regulations is intended to limit any function or power conferred on another body or authority under the Federal AML-CFT Laws.
      5. Where VARA detects conduct that it suspects may relate to money laundering, it shall promptly report its suspicions to the relevant authority exercising powers and performing functions under the relevant Federal AML-CFT Laws.
    • B. AML/CFT Obligations of VASPs

      1. VASPs must comply with all Federal AML-CFT Laws as well as all other legislation, regulatory requirements, these Regulations, Rules and Directives in respect of AML/CFT as may apply to its VA Activities, businesses or operations in any jurisdiction at all times, including but not limited to those contained in Rulebooks and FATF recommendations as may be incorporated by VARA into its regulatory framework from time to time.