UAE issues decree forming committees to combat money laundering, terror financing

A General Secretariat will be chosen for the national committee

Published: Sun 11 Aug 2024, 4:34 PM

Updated: Mon 12 Aug 2024, 9:06 PM

By
Web Desk

The UAE Government issued a federal decree Sunday, amending certain provisions of the Anti-Money Laundering and Combating the Financing of Terrorism law by establishing committees to overlook the same.

The new move is aimed at developing the legislative and legal structure of the nation to ensure compliance with international standards.

Under the amendment, a National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations will be established.

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Additionally, a Supreme Committee will be formed for the oversight of the National Strategy for Anti-Money Laundering and Combating the Financing of Terrorism.

A General Secretariat will be chosen for the national committee, with the Secretary General serving as the Vice-Chairperson of the National Committee and a member of the Supreme Committee.

Roles of the Supreme Committee

The authority will overlook the National Committee's work, studying, monitoring and evaluating their strategies.

The Supreme Committee will be in charge of deciding measures and requirements that must be met by the national committee, along with monitoring other entities.

The committee will also oversee the development of the 'mutual evaluation report' which will assess the country's compliance with international standards and follow up on their implementation.

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