ABU DHABI: The UAE Government has issued a new law that updates the existing rules on anti-money laundering and combating the financing of terrorism and illegal organisations.

This move is part of the country’s ongoing efforts to strengthen its legal framework to better fight financial crimes. The goal is to ensure the UAE stays in line with international standards and treaties and to protect the country’s financial system from crimes that could harm the economy.

One of the key changes in the new law is the creation of the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations. This committee will be set up by a decision from the Cabinet.

Additionally, the law establishes the Supreme Committee for the Oversight of the National Strategy for Anti-Money Laundering and Counter-Terrorism Financing. This committee will be responsible for reviewing and overseeing the strategies and measures taken by the National Committee. They’ll ensure that everything is running smoothly and that the country is meeting international standards.

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

The law also emphasizes the importance of coordination between the National Committee and other relevant bodies. This collaboration is essential to support the committee’s work, especially in developing reports that evaluate the UAE’s compliance with international anti-money laundering and counter-terrorism standards.

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Finally, the law sets up a General Secretariat for the National Committee, led by a Secretary-General, who will also serve as the Vice-Chairperson of the National Committee and a member of the Supreme Committee. This ensures that there is strong leadership and organisation within the committee to carry out its important work effectively.

-Agencies