Abu Dhabi: The United Arab Emirates (UAE) has introduced significant amendments to its Federal Decree-Law on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) and Illegal Organizations. This move is part of the UAE’s ongoing efforts to enhance its legal framework for combating financial crimes.
The new decree aims to bolster the country’s compliance with international standards and treaties while supporting national strategies to protect the UAE’s financial system. By implementing these changes, the UAE continues to strengthen its position as a leader in the fight against financial crimes.
Key amendments:
- National Committee for Anti-Money Laundering and Counter-Terrorism Financing: Formed by a Cabinet decision, this committee will oversee efforts to combat money laundering, terrorism financing, and the funding of illegal organizations.
- Supreme Committee for the Oversight of the National Strategy: This committee will study, monitor, and assess the effectiveness of the strategies and measures implemented by the National Committee. It will also define necessary measures, issue decisions, and ensure their implementation.
The decree also emphasizes the importance of coordination between the National Committee and relevant entities. This coordination is crucial for the effective development and implementation of the Mutual Evaluation Report, which assesses the UAE’s compliance with international AML and CFT standards.
Additionally, a General Secretariat for the National Committee will be established, headed by a Secretary-General who will also serve as the Vice-Chairperson of the National Committee and a member of the Supreme Committee.
These amendments mark a significant step forward in the UAE’s commitment to combating financial crimes and aligning with global best practices.
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