The UAE Government has issued a Federal Decree-Law amending provisions of the Federal Decree-Law on Anti-Money Laundering, Combating the Financing of Terrorism, and Financing of Illegal Organisations.
This Decree is part of the ongoing enhancement of the legislative and legal framework and aims to strengthen the country’s efforts in fighting financial crimes. It also seeks to bolster the UAE’s compliance with international recommendations and treaties on these issues.
The Decree aligns with the national strategy to protect the domestic financial system by introducing advanced standards to counter crimes that harm the economy. Among the amendments is the establishment of the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations, to be formed by a Cabinet decision.
Additionally, the Decree provides for the creation of the Supreme Committee for the Oversight of the National Strategy for Anti-Money Laundering and Counter-Terrorism Financing, with its formation and regulations to be determined by the UAE Cabinet. This Supreme Committee will evaluate the effectiveness of strategies and measures taken by the National Committee, set the necessary requirements and measures, and ensure their implementation.
The Decree also emphasises the need for coordination between the National Committee and relevant entities to provide sufficient support for the Committee’s duties. This coordination will help ensure the National Committee can effectively oversee the development and implementation of the Mutual Evaluation Report, assessing the UAE’s compliance with international standards.
Finally, the Decree mandates the establishment 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 be a member of the Supreme Committee.
