Regulatory Alerts2004-01-01
Federal Law No. 8 of 2004 Concerning Financial Free Zones
The President of the United Arab Emirates enacted Federal Law No. 8 of 2004 to establish a legal framework for Financial Free Zones created by federal decree. The legislation mandates that these zones operate under specific licensing standards, restrict deposit-taking and Dirham transactions, and require compliance with federal anti-money laundering laws and international agreements. Furthermore, the law empowers the Cabinet to issue executive rules and allows competent authorities to conduct inspections to ensure adherence to the established regulatory obligations.
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