In a bold move to bolster its fight against financial crimes, the United Arab Emirates has introduced significant revisions to its anti-money laundering and counter-terrorism financing laws. This recent Federal Decree-Law marks a pivotal step in refining the country’s legal and regulatory landscape to better address and counteract financial misconduct.
The revised legislation underscores the UAE’s commitment to aligning with global standards and treaties while fortifying its financial security. Among the key changes is the creation of the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations, which will be established through a Cabinet decision.
Furthermore, a Supreme Committee will be set up to oversee and evaluate the national strategy’s effectiveness, ensuring that the National Committee’s strategies and actions are continually assessed and enhanced. This committee will also set standards and issue directives to ensure that all relevant entities adhere to the established protocols.
The decree mandates enhanced coordination and support for the National Committee, facilitating its role in evaluating the UAE’s adherence to international anti-money laundering standards. A General Secretariat will be established to support the National Committee, led by a Secretary-General who will also serve as the Vice-Chairperson of the Committee and a member of the Supreme Committee.
These amendments represent a significant advancement in the UAE’s ongoing efforts to protect its financial systems from the threats posed by financial crimes and to maintain compliance with international regulations.
