In a significant restructuring of its anti-money laundering framework, the National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) will officially replace the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism.
This decision, announced by Khaled Mohamed Balama, Governor of the Central Bank and Chair of the NAMLCFTC, follows a recent UAE Cabinet resolution.
Under the new arrangement, all personnel from the Executive Office will transition to the NAMLCFTC, with Hamid Saif Al Zaabi appointed as Secretary-General. This change aligns with Federal Decree Law No. (7) of 2024, which amends previous legislation concerning financial crime prevention.
Balama emphasized that the Cabinet's decision reflects the UAE's unwavering commitment to safeguarding both local and global financial systems. He noted that this initiative will enhance the UAE's capacity to combat financial crimes through a robust legal framework and integrated national strategies. The establishment of a General Secretariat under the NAMLCFTC, headed by the Secretary-General, aims to bolster local institutional capabilities and promote effective communication among agencies.
“This decision will strengthen our national system and foster international cooperation, ensuring that the UAE maintains its competitive edge as a leading global financial hub,”
Balama stated. The NAMLCFTC's formation underscores the UAE’s dedication to addressing the evolving challenges of money laundering and terrorism financing, reinforcing its position in the global financial landscape.
News Source: Emirates News Agency
