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Last updated on 3 September 2021

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The UAE FIU mandate

According to Federal Decree-Law No. (20) for 2018, Article (9), The Financial Intelligence Unit (FIU) shall have competence over the following:
01

Requesting financial institutions and designated non-financial businesses and professions and the Relevant Authorities to submit any information, or further documentation related to received reports and information, and other information deemed necessary for UAE FIU to perform its duties on schedule and in the form determined by the Unit.

02

Exchanging information with its counterparts in other countries, with respect to Suspicious Transactions Reports (STR) or any other information to which the UAE FIU 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 UAE FIU with its counterparts governing bilateral cooperation or conditional upon reciprocity. The UAE FIU may communicate to its counterparts its findings derived from the use of the information provided by its counterparts and the results of analyses conducted based on this information. Such information shall be used only for the purposes of combatting crime and shall not be disclosed to third parties without the UAE FIU’s permission.

03

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 measures for handling, archiving, transferring and accessing the data, and ensuring that access to its premises, its database and its technology systems is restricted.

04

Any other dedicated activities to be specified in the Implementing Regulation attached to the present Decree-Law.