United Arab Emirates (UAE) President Sheikh Khalifa bin Zayed Al Nahyan issued on Tuesday Federal Decree Number 20 of 2018 on anti-money laundering and countering the financing of terrorism, UAE state news agency WAM reported.

Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, said the UAE's leadership "is keen to develop the legislative and legal structure of the nation to ensure compliance with international standards on anti-money laundering and countering the financing of terrorism."

He added "this Decree is a fundamental pillar of anti-money laundering and countering the financing of terrorism, and contributes to raising the effectiveness of the legal and institutional framework of the nation to achieve desired results."

Al Maktoum also pointed out that this Decree is part of the requirements and recommendations of the Financial Action Task Force, or FATF.