UAE Government amends provisions of law on Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations

In line with the ongoing development of the legislative and legal system, the Decree aims to, further, advance the legal framework supporting the efforts of the country's relevant authorities in charge of combating financial crimes. It also aims to consolidate the UAE's technical compliance with international recommendations and treaties in the matter.

Additionally, the decree aligns with the national strategy launched to protect the local financial ecosystem, by implementing ground-breaking standards to counter crimes that adversely affect the countries' economies.

The amendments include the establishment of the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations, to be formed by a Cabinet decision.

They also include the establishment of the Supreme Committee for the Oversight of the National Strategy for Anti-Money Laundering and Counter-Terrorism Financing. A Cabinet decision shall be issued regarding its formation and operating regulations.

The Supreme Committee, as specified in the Decree, will be responsible for studying, overseeing, and assessing the effectiveness of strategies and measures implemented by the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations, and for defining measures to be observed and requirements to be met by the National Committee and relevant entities, and issuing the necessary decisions in that regard, and following up on their implementation.

The new decree also stipulates the necessity of coordination between the National Committee and the relevant entities and guiding and urging them in order to provide ample support to the National Committee to facilitate its performance and the fulfillment of its duties. 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.

Additionally, the Decree 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. (ANI/WAM)