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UAE Government updates Anti-Money Laundering and Terrorism Financing Laws

The Government of the United Arab Emirates has recently issued a Federal Decree-Law that amends certain provisions of the Federal Decree-Law on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations. This move comes as part of the country’s ongoing efforts to strengthen its legal framework and enhance its ability to combat financial crimes effectively. The amendments introduced by the Decree aim to align the UAE with international standards and recommendations in the fight against money laundering, terrorism financing, and illegal organizations.

One of the key changes brought about by the Decree is the establishment of the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations. This committee will play a crucial role in coordinating and overseeing the country’s efforts to combat financial crimes. Its formation will be determined by a Cabinet decision, highlighting the government’s commitment to enhancing its anti-money laundering and counter-terrorism financing capabilities.

Furthermore, the Decree also introduces the Supreme Committee for the Oversight of the National Strategy for Anti-Money Laundering and Counter-Terrorism Financing. This committee will be responsible for evaluating the effectiveness of strategies and measures implemented by the National Committee and defining additional measures to be taken. By establishing this oversight body, the UAE aims to ensure that its national strategy for combating financial crimes is robust and comprehensive.

In addition to these key changes, the Decree emphasizes the importance of coordination between the National Committee and relevant entities. This coordination is essential to providing support to the National Committee and facilitating its performance in overseeing the country’s compliance with international standards. By fostering collaboration between different entities, the UAE aims to strengthen its efforts in combating money laundering and terrorism financing.

Another significant aspect of the Decree is the establishment of a General Secretariat for the National Committee, headed by a Secretary-General. The Secretary-General will also serve as the Vice-Chairperson of the National Committee and a member of the Supreme Committee. This role is crucial in ensuring the smooth operation of the National Committee and facilitating communication and coordination between different committees and entities involved in combating financial crimes.

Overall, the amendments introduced by the Federal Decree-Law on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations reflect the UAE’s commitment to enhancing its legal framework and strengthening its capabilities in combating financial crimes. By establishing new committees, enhancing oversight mechanisms, and emphasizing coordination between relevant entities, the UAE is taking significant steps towards safeguarding its financial ecosystem and upholding international standards in the fight against money laundering and terrorism financing.

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