MINISTRY OF ECONOMY LAUNCHES CAMPAIGN TO COMBAT (AML)
The Ministry of Economy (MoE) announced the launch of an awareness and monitoring campaign for the Designated Non-Financial Businesses and Professions (DNFBPs) registered in the UAE to register in the system of Financial Intelligence Unit (goAML). The campaign also encourages these target groups to register in the system of Committee for Commodities Subject to Import and Export Control (Automatic Reporting System for Sanctions Lists), and to adopt measures related to both, stipulated by the Federal Law No. 20 of 2018 on combating money laundering crimes and financing of terrorism and illegal organizations, and the regulations and relevant decisions regarding their implementation.
Cabinet Resolution Nos. (3/1و) and (28 م/ 4 و ) of 2019, which vest in the Ministry of Economy the duty of supervising and regulating Designated Non-financial Businesses and Professions (DNFBPs) of entities operating in the State, including the entities operating in commercial free zones, confronting money laundering crimes and combating financing Terrorism and the financing of illegal organization and Accreditation as a regulator.
Designated Non-Financial Businesses and Professions, which are being supervised by MoE with regard to anti-money laundering and combating financing of terrorism, include a wide range of non-financial sectors and activities that are most exposed to money laundering risks. They have been divided according to the implementing regulations of the law – and in line with international standards issued by the Financial Action Task Force (FATF) – into the following four categories:
1) Brokers and Real Estate Agents.
2) Dealers of Precious Metals and Precious Stones.
3) Auditors.
4) Corporate Service Providers.
The targeted establishments are required to take three main steps to protect their businesses from the risks of money laundering. These are
1. Appointment of a compliance officer in the facility with the responsibility of registering and following up on the two systems.
2. Exercising due diligence on clients by verifying the identity of the customer and the beneficial owner before establishing a business relationship or opening an account and other details described in the implementing regulations.
3. Registration in the ‘goAML’ system, filing of suspicious transaction reports through it, registration in the Automatic Reporting System For Sanctions Lists of the Committee for Commodities Subject to Import and Export Control, and aligning their commercial operations with the lists that the system creates on an ongoing basis.
The registration in both these systems is free and can be done by visiting the Ministry of Economy’s official website.
How we can help:
- Assist in the registration on goAML Portal
- Submission of report for reporting a suspicious transaction on goAML Portal.
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Read MoreIn a digital-first economic landscape, countries with a first-mover advantage are rapidly becoming global innovation hubs. The UAE’s implementation for mandatory e-invoicing is one of the steps in that direction. In a bid to help businesses prepare better, the Federal Tax Authority recently announced the extension to the deadline for appointing an Accredited Service Provider (ASP) from 1st July to 30th October, 2026. This extension will enable businesses that are still assessing the regulatory requirements to lay the
necessary groundwork before implementing the system in their operations, while ensuring all compliance obligations are met. While offering flexibility, this also presents an opportunity for owners to closely monitor the systems and controls before the mandatory rollout comes into effect. E-invoicing is steadily reshaping how enterprises operate in the UAE, moving invoicing beyond PDFs, scans, and email-based exchanges.
Under the new framework, invoices will now be generated in XML format, enabling standardised data exchange and direct reporting to the FTA.
The new framework will do more than just improve efficiency and transparency with a seamless exchange of invoicing data, but etch a new chapter in how compliance will look in a digital tax ecosystem.
In a digital-first economic landscape, countries with a first-mover advantage are rapidly becoming global innovation hubs. The UAE’s implementation for mandatory e-invoicing is one of the steps in that direction. In a bid to help businesses prepare better, the Federal Tax Authority recently announced the extension to the deadline for appointing an Accredited Service Provider (ASP) from 1st July to 30th October, 2026. This extension will enable businesses that are still assessing the regulatory requirements to lay the necessary groundwork before implementing the system in their operations, while ensuring all compliance obligations are met. While offering flexibility, this also presents an opportunity for owners to closely monitor the systems and controls before the mandatory rollout comes into effect. E-invoicing is steadily reshaping how enterprises operate in the UAE, moving invoicing beyond PDFs, scans, and email-based exchanges.
Under the new framework, invoices will now be generated in XML format, enabling standardised data exchange and direct reporting to the FTA.
The new framework will do more than just improve efficiency and transparency with a seamless exchange of invoicing data, but etch a new chapter in how compliance will look in a digital tax ecosystem.
E-Invoicing in the UAE
Why This Extension Matters
With the mandatory rollout to come into force from January 2027, the extension does not alter the UAE’s broader e-invoicing timeline. The initial rollout will see businesses generating annual revenues above AED 50 million, leading the transition with smaller enterprises gradually brought in through subsequent phases.
This preparation window showcases the consideration and planning that is required ahead of the rollout. As the system pivots towards e-invoicing, it becomes more than just the exchange of data. It comes down to how businesses manage the data, the reporting process in place, and if they are in sync with the compliance requirements.
Enterprises in Dubai and other emirates are turning their attention towards the quality of the invoice data while ensuring consistency and the ability of the existing systems to support machine-readable invoices.
Another key challenge for organisations that are operating across multiple entities or invoicing platforms will be integration and standardisation. This is where having the right ASP matters. With the implementation timeline moving closer, the demand for the ASP is anticipated to see an increase.
The revised deadline will help businesses get more time to make early planning and conduct accurate evaluation.
Accredited Service Providers
A Key Component of the E-Invoicing Framework
The announcement brings the role of the accredited service providers within the UAE’s e-invoicing ecosystem into the spotlight. With businesses transitioning to incorporate accounting and ERP systems into their operations to generate invoices, the ASP will become the linchpin between them and the regulatory authorities.
ASPs will now not only have to facilitate the exchange of the data but also ensure a standardised structure for invoicing across the UAE’s e-invoicing ecosystem. The support by the ASP will enable ease in compliance and meeting the technical requirements.
The extension also gives significant time for businesses to assess and align an ASP that meets their operational requirements. While for many organisations, this also presents an opportunity to take a closer look at their integrations and carefully understand the ability of the provider to support their existing accounting and ERP systems.
UAE E-Invoicing Penalties
Why Early Preparation Matters
The extension provides additional time for businesses to implement the necessary requirements. But for companies that are still on the fence, this becomes a final call as failure to comply with the requirements and the UAE’s e-invoicing framework may result in financial penalties, including AED 5,000 per month for implementation delays and AED 100 per invoice for non-transmission.
Final Words
The announcement of the extension reflects the UAE’s level-headed approach and pragmatism in establishing the e-invoicing framework as a stepping stone in its broader tax strategy. With countries like Saudi Arabia and India reaping the benefits of their respective e-invoicing systems, the UAE’s phased approach ensures that businesses are equipped with the right tools to ensure a streamlined transition.
The shift towards e-invoicing is a nod to the future, where the tax landscape will see the information travel faster and compliance becoming embedded in critical operations. The new framework is expected to see businesses generate standardised invoices that will drive the new reporting ecosystem forward.