Amending the Anti-Money Laundering and Counter-Terrorism Financing Law aims to enhance the country’s technical compliance with international treaties and recommendations.
I announced United Arab Emirates Sunday, a decree to amend some provisions of the law Anti-Money Laundering, Combating the Financing of Terrorism, and Illegal Organizations.
The amendments aim to Anti-Money Laundering and Terrorist Financing Law and illegal organizations, to support efforts to combat financial crimes, while enhancing the country’s technical commitment to international treaties and recommendations.
National Committee for Combating Money Laundering and Terrorism Financing
The amendments to the law included the establishment of the National Committee. Anti-Money Laundering And combating the financing of terrorism and the financing of illegal organizations, to be formed by a decision of the Cabinet, according to the Emirates News Agency.
Supreme Committee for Supervision of the National Strategy
The amendments also included the establishment of a “Supreme Committee to supervise the national strategy to combat money laundering and terrorist financing,” and a decision will be issued by the Council of Ministers regarding its formation and its operating system.
Tasks of the Supreme Committee
The Supreme Committee will study, supervise and evaluate the effectiveness of the strategies and procedures implemented by the National Committee for Combating Money Laundering, Combating the Financing of Terrorism and Financing of Illegal Organizations.
The Supreme Committee also determines the procedures to be observed and the requirements to be met by the National Committee and relevant authorities, issues the necessary decisions in this regard, and follows up on their implementation.
This should also ensure that the National Committee can easily supervise the preparation of the mutual evaluation report that assesses the state’s compliance with international standards to combat money laundering and terrorist financing and monitor its implementation.
The amendments to the law are in line with the national strategy launched to protect the local financial system, by applying pioneering standards to confront crimes that negatively affect the economies of countries.
The decree amending the law stipulated the necessity of coordination between the National Committee and the relevant authorities, and directing and urging them to provide sufficient support to the National Committee to facilitate its performance and carry out its tasks.
Establishment of a General Secretariat for the National Committee
In addition, the decree amending the law stipulated the establishment of a General Secretariat for the National Committee headed by a Secretary-General.
The Secretary-General also serves as Vice-Chairman of the National Committee and a member of the Higher Committee.
This comes at a time when the UAE is intensifying its operations against financial crimes, specifically money laundering and terrorist financing.
In 2021, the government established the Executive Office for Combating Money Laundering and Terrorist Financing, following the passage of the Anti-Money Laundering and Terrorist Financing Law in 2018.
