Frequently Asked Questions
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Application deposit fee – AED 1000
Publication fee – AED 1000
Publication in two local newspapers – Varies
Final registration fee – AED 10,000
The application for registration shall not include a trademark on more than one category.
The owner of the registered trademark may, at any time, submit a request to the Ministry for the introduction of any addition or modification to the products or services identified by the trademark or the trademark itself, provided that the trademark is not substantially modified.
The Ministry of Economy utilises the Nice Classification (NCL), an international classification of goods and services applied for trademark registration. A new edition is published by the World Intellectual Property Organization (WIPO) every 5 years.
The period of trademark protection is ten years and shall be calculated from the date of filing the application and not from the date of registration.
The AML-CFT Law (Federal Decree-law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations) defines money laundering as engaging in any of the following acts wilfully, having knowledge that the funds are the proceeds of a felony or a misdemeanour
Transferring or moving proceeds or conducting any transaction with the aim of concealing or disguising their illegal source
Concealing or disguising the true nature, source or location of the proceeds as well as the method involving their disposition, movement, ownership of or rights with respect to said proceeds
Acquiring, possessing or using proceeds upon receipt
Assisting the perpetrator of the predicate offense to escape punishment
The crime of Money Laundering is considered an independent crime. The punishment of the perpetrator for the predicate offence shall not prevent his punishment for the crime of Money Laundering.
No. in order to be considered money laundering, it is not necessary for any of the stipulated acts to involve only money or monetary instruments per se, but any number of tangible or intangible assets such as, but not limited to:
Funds bank or other financial accounts, including virtual or so-called crypto currencies
Financial instruments or securities, such as shares, bonds, notes, commercial paper, promissory notes, IOUs, share warrants, options, rights (including land rights), or other transferrable securities or bearer negotiable instruments
Contracts, loan instruments, titles, claims, insurance policies, or their assignment
Intellectual property (including but not limited to patents or registered trademarks), royalties, licenses, or the rights thereto
Physical property, including but not limited to commodities, land, precious metals and stones, motor vehicles or vessels, works of art, or any other goods exchanged as payment-in-kind
The AML-CFT Law defines the financing of terrorism as:
Committing any act of money laundering, being aware that the proceeds are wholly or partly owned by a terrorist organisation or terrorist person or intended to finance a terrorist organisation, a terrorist person or a terrorism crime, even if it without the intention to conceal or disguise their illicit origin
Providing, collecting, preparing or obtaining proceeds or facilitating their obtainment by others with intent to use them, or while knowing that such proceeds will be used in whole or in part for the commitment of a terrorist offense, or committing such acts on behalf of a terrorist organisation or a terrorist person while aware of their true background or purpose.
The AML-CFT Law defines the financing of illegal organisations as:
Committing any act of money laundering, being aware that the proceeds are wholly or partly owned by an illegal organisation or by any person belonging to an illegal organisation or intended to finance such illegal organisation or any person belonging to it, even if without the intention to conceal or disguise their illicit origin.
Providing, collecting, preparing, obtaining proceeds or facilitating their obtainment by others with intent to use such proceeds, or while knowing that such proceeds will be used in whole or in part for the benefit of an Illegal organisation or of any of its members, with knowledge of its true identity or purpose.
The Governor or his delegate shall have the right to freeze suspicious funds deposited at financial institutions for no more than (7) seven working days, in accordance with the rules and controls stipulated in the Implementing Regulation of the present Decree-Law, renewable by order of the public prosecutor or his delegate.
Imprisonment and fine of no less than AED100,000 and no more than AED1,000,000; or
Any of these two sanctions
Imprisonment for no less than six months and a penalty of no less than AED100,000 and no more than AED500,000; or
Any of these two sanctions.
Its purpose is to provide guidance and assistance to supervised institutions that are DNFBPs, in order to assist their better understanding and effective performance of their statutory obligations under the legal and regulatory framework in force in the UAE.
Auditors and accountants
Lawyers, notaries and other legal professionals and practitioners
Company and trust service providers
Dealers in precious metals and stones
Real estate agents and brokers
Any other Designated Non-Financial Businesses and Professions (DNFBPs) not mentioned above
Identifying and assessing ML/FT risks
Establishing, documenting, and updating policies and procedures to mitigate the identified ML/FT risks
Maintaining adequate risk-based customer due-diligence (CDD) and ongoing monitoring procedures
Identifying and reporting suspicious transactions
Putting in place an adequate governance framework for AML/CFT, including appointing an AML/CFT Compliance Officer, and ensuring adequate staff screening and training
Maintaining adequate records
Complying with the directives of the Competent Authorities of the State in relation to the
United Nations Security Council resolutions
Financial audits related to a client’s books, records, and annual and periodic accounts
Operational audits related to a client’s internal controls, governance structures, and risk management processes and procedures
Compliance audits related to a client’s adherence to legal and regulatory requirements.
Brokers and real estate agents when they conclude operations for the benefit of their customers with respect to the purchase and sale of real estate
Lawyers, notaries, and other independent legal professionals and independent accountants, when preparing, conducting or executing financial transactions for their customers in respect of the purchase and sale of real estate.
The goAML system is an integrated digital platform through which Suspicious Transaction Reports (STRs) and Suspicious Activity Reports (SARs) can be submitted by financial institutions, designated non-financial businesses and professions, and the relevant authorities. The Financial Intelligence Unit uses it to quickly and efficiently receive, analyse and distribute suspicious transaction reports. It is currently used by a large number of financial information units worldwide, and the UAE is the first Gulf country to implement this modern system.
All Designated Non-Financial Businesses and Professions (DNFBPs) must register on the goAML portal. Please read your Trade/Commercial license and complete the DNFBP questionnaire on the MOE website to help determine if you are a DNFBP or not.