The Government of the United Arab Emirates has issued a Federal Decree-Law amending key provisions of the Federal Decree-Law on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations.
This move is part of the UAE's continuous efforts to strengthen its legislative and legal framework to combat financial crimes effectively.
The newly issued Decree aims to further support the country’s authorities in their fight against financial crimes, aligning the UAE's legal framework with international recommendations and treaties. It is also a crucial component of the national strategy to safeguard the local financial ecosystem from crimes that can adversely affect the economy.
One of the significant amendments includes the establishment of the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations. The formation of this committee will be determined by a Cabinet decision.
Additionally, the Decree establishes the Supreme Committee for the Oversight of the National Strategy for Anti-Money Laundering and Counter-Terrorism Financing. This Supreme Committee will be responsible for overseeing and assessing the effectiveness of the strategies and measures implemented by the National Committee.
It will also define the necessary measures and requirements for the National Committee and other relevant entities to follow, ensuring the successful implementation of anti-money laundering strategies.
The Decree emphasizes the importance of coordination between the National Committee and relevant entities to facilitate the committee’s duties. It also includes provisions for the development of the Mutual Evaluation Report, which assesses the UAE’s compliance with international standards in combating money laundering and terrorism financing.
Furthermore, the Decree stipulates the creation of a General Secretariat for the National Committee, headed by a Secretary-General who will also serve as the Vice-Chairperson of the National Committee and a member of the Supreme Committee.
This new legislative development underscores the UAE’s commitment to enhancing its legal and regulatory measures to combat financial crimes and ensure the integrity of its financial system.
News Source: Emirates News Agency
