The UAE has issued a federal decree-law amending some provisions of its regulations related to anti-money laundering and terrorism-financing, to help the country’s relevant authorities combat financial crimes.
The amendments include the establishment of the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations, as well as a Supreme Committee for the Oversight of the National Strategy for Anti-Money Laundering and Counter-Terrorism Financing.
The Supre Committee will be responsible for studying, overseeing, and assessing the effectiveness of strategies and measures implemented by the National Committee.
The new decree also stipulates the necessity of coordination between the National Committee and the relevant entities. This should also guarantee the ease for the National Committee to oversee the development of the Mutual Evaluation Report which assesses the country’s compliance with international standards of Anti-Money Laundering and Combating the Financing of Terrorism, and follow up on their implementation.
The Decree additionally stipulates the establishment of a General Secretariat for the National Committee, headed by a Secretary-General. The Secretary-General shall also serve as the Vice-Chairperson of the National Committee and a member of the Supreme Committee.
