Cabinet Resolution No. 28 of 2007 outlines the implementing regulations for Federal Law No. 8 of 2004, concerning Financial Free Zones in the UAE. It defines key terms related to financial activities within these zones, establishes the legal framework for their operation, and emphasizes compliance with federal laws regarding money laundering and anti-terrorism financing.
Key requirements
- Financial Free Zones must comply with federal laws concerning criminalization of money laundering and anti-terrorism finance.
- A Financial Free Zone is established by federal decree and has a corporate body legally represented by the Chairman of its Board of Directors.
- The location and area of a Financial Free Zone can be specified, added to, or changed by resolution of the Chairman of the Cabinet upon application of the concerned Free Zone.
Applies to: Financial Free Zones established in any Emirate of the UAE and entities operating within them.