Federal Law No. 8 of 2004 pertains to the establishment and regulation of Financial Free Zones within the UAE. It defines the scope of financial activities permitted within these zones and outlines the legal framework governing their operations. The law aims to regulate financial activities and ensure compliance with federal laws, particularly concerning money laundering.
Key requirements
- Financial Free Zones and their operations must comply with Federal Law No. 4 of 2002 regarding Criminalisation of Money Laundering.
- Companies and Establishments licensed in the Financial Free Zones cannot engage in deposit-taking from the State’s markets or deal in the UAE Dirham.
- Licensing standards for Companies and Establishments in Financial Free Zones must be at least as stringent as those applicable in the State.
Applies to: Financial Free Zones established in the UAE and the companies and establishments operating within them.