UAE Government Issues Federal Decree-Law Amending Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations Law

UAE Government Issues Federal Decree-Law Amending Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations Law

Key Provisions:

-Establishment of the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations

-Establishment of the Supreme Committee for the Oversight of the National Strategy for Anti-Money Laundering and Combating the Financing of Terrorism

-Creation of a General Secretariat for the National Committee, with the Secretary-General serving as the Vice-Chairperson of the National Committee and a member of the Supreme Committee

Key mandates of the Supreme Committee:

-Study, monitor, and evaluate the effectiveness of strategies and measures implemented by the National Committee and the relevant entities

-Determine measures to be observed and requirements to be met by the National Committee and relevant entities, issue appropriate decisions, and follow up on their implementation.

-Oversee the development of the Mutual Evaluation Report assessing the country’s compliance with international standards of Anti-Money Laundering and Combating the Financing of Terrorism, and follow up on their implementation.

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