Introduction to DNFBPs Designated Non-Financial Businesses and Professions (DNFBPs) play a crucial role in the landscape of Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) efforts in the United Arab Emirates (UAE). By definition, DNFBPs refer to specific entities that, while not primarily engaged in financial activities, can nonetheless be abused for money laundering … Read more
Introduction to DNFBPs Designated Non-Financial Businesses and Professions (DNFBPs) play a crucial role in the broader economic landscape, particularly within the financial system of the United Arab Emirates (UAE). DNFBPs include a diverse range of entities and professionals such as real estate agents, jewelers, lawyers, accountants, and casinos. These businesses and professions are pivotal to … Read more
Introduction to Targeted Financial Sanctions Targeted Financial Sanctions (TFS) are measures employed by governments and international organizations to impede the financial activities of individuals or entities associated with criminal activities, terrorism, or human rights abuses. The essence of TFS is to restrict access to financial systems and economic resources, thereby preventing funds from being utilized … Read more
Introduction to Bounced Cheques in DAFZA Bounced cheques, a term referring to cheques that cannot be processed due to insufficient funds or an invalid account, are a significant concern for businesses operating within the Dubai Airport Free Zone (DAFZA). Understanding the legal implications and definitions surrounding bounced cheques is crucial for maintaining compliance and protecting … Read more