UAE decree establishes committees to tackle money laundering and terror financing
text_fields
The UAE government has issued a federal decree introducing significant amendments to the Anti-Money Laundering and Combating the Financing of Terrorism law. The new provisions aim to enhance the country's legislative and legal framework, aligning it with international standards to combat financial crimes effectively.
Key components of the amendment include the establishment of two critical bodies: a National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations, and a Supreme Committee to oversee the National Strategy for Anti-Money Laundering and Combating the Financing of Terrorism.
The National Committee will be supported by a General Secretariat, with the Secretary-General taking on the role of Vice-Chairperson of the committee and becoming a member of the Supreme Committee. This body will be responsible for studying, monitoring, and evaluating strategies to combat money laundering and terrorist financing.
The Supreme Committee's responsibilities include setting measures and requirements for the National Committee, monitoring other relevant entities, and overseeing the development of the 'mutual evaluation report.' This report will assess the UAE's compliance with international standards and track the implementation of anti-money laundering and counter-terrorism financing measures.
These amendments reflect the UAE's commitment to strengthening its regulatory environment and enhancing its ability to prevent and combat financial crimes, thereby ensuring a more secure and compliant financial system.
