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 Organizations. 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 in the decree aim to align the UAE with international recommendations and treaties related to anti-money laundering and counter-terrorism financing.
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 Organizations. This committee will play a crucial role in coordinating and overseeing the country’s efforts to combat financial crimes. Additionally, the decree also mandates the formation of 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 necessary actions to enhance their performance.
The decree emphasizes the importance of coordination between the National Committee and relevant entities to ensure seamless support and facilitate the committee’s oversight responsibilities. This collaboration is essential for the National Committee to monitor the country’s compliance with international standards and follow up on the implementation of necessary measures. Furthermore, the establishment of a General Secretariat for the National Committee, led by a Secretary-General who also serves as the Vice-Chairperson of the committee and a member of the Supreme Committee, will streamline communication and decision-making processes.
The amendments introduced in the Federal Decree-Law reflect the UAE’s commitment to safeguarding its financial ecosystem and combating crimes that pose a threat to its economy. By implementing advanced standards and enhancing coordination between relevant authorities, the country aims to strengthen its anti-money laundering and counter-terrorism financing efforts. The establishment of the National Committee and the Supreme Committee signifies a significant step towards achieving these goals and ensuring the UAE’s compliance with international best practices in combating financial crimes.
In conclusion, the recent amendments to the Federal Decree-Law on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations demonstrate the UAE’s proactive approach to enhancing its legal framework and strengthening its anti-financial crime measures. The establishment of key committees and the emphasis on coordination and oversight reflect the country’s commitment to combatting financial crimes effectively and protecting its financial ecosystem. These changes are expected to further bolster the UAE’s position as a leader in anti-money laundering and counter-terrorism financing efforts on the global stage.