The UAE has introduced a new federal decree-law aimed at strengthening its anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. This update is part of the UAE’s ongoing commitment to improving its legal and regulatory framework to combat financial crimes.

The decree-law revises several aspects of the existing AML/CFT Law to bolster the legal framework supporting the nation’s efforts against financial crime and ensure alignment with international standards and treaties.

What are the key features of the new decree? Key features of the new decree include the creation of two new oversight bodies: the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations, and the Supreme Committee for Oversight of the National Strategy for Anti-Money Laundering and Counter-Terrorism Financing. Both committees will be established by decisions from the UAE Cabinet.

The Supreme Committee will be responsible for monitoring and evaluating the strategies implemented by the National Committee, including setting compliance measures and issuing decisions to ensure the effective execution of AML and CFT initiatives.

The decree also calls for enhanced coordination between the National Committee and relevant entities to ensure smooth operations and comprehensive support. This includes overseeing the Mutual Evaluation Report, which assesses the UAE’s adherence to global AML and CFT standards.

Additionally, a general secretariat for the National Committee will be established, led by a secretary-general who will also serve as the vice-chairperson of the National Committee and a member of the Supreme Committee.

These amendments highlight the UAE’s dedication to strengthening its financial crime prevention measures and aligning with international norms to safeguard its economy from the risks associated with money laundering and terrorism financing.

Source: 

United Arab Emirates. (2018). Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism. Retrieved from UAE Legislation