UAE Govt Amends Anti-Money Laundering Laws to Strengthen Financial Crime Prevention

The Government of the UAE has issued a Federal Decree-Law amending certain provisions of the Federal Decree-Law on Anti-Money Laundering, Combating the Financing of Terrorism and Financing of Illegal Organisations.

As part of the ongoing development of the legislative and legal framework, this decree seeks to enhance the legal structure that supports the efforts of the country’s relevant authorities in combating financial crimes.

It also aims to strengthen the UAE's technical compliance with international recommendations and treaties on these matters.

Furthermore, the decree aligns with the national strategy launched to safeguard the local financial ecosystem by implementing pioneering standards to counteract crimes that negatively impact national economies.

The amendments include the establishment of the National Committee for Anti-Money Laundering, Combating the Financing of Terrorism, and Financing of Illegal Organisations, to be formed by a Cabinet decision.

They also provide for the creation of the Supreme Committee for the Oversight of the National Strategy for Anti-Money Laundering and Counter-Terrorism Financing. A Cabinet decision will outline its formation and operating regulations.

According to the decree, the Supreme Committee will be responsible for studying, overseeing, and assessing the effectiveness of strategies and measures implemented by the National Committee for Anti-Money Laundering, Combating the Financing of Terrorism and Financing of Illegal Organisations.

It will also define measures to be observed, set requirements for the National Committee and relevant entities, issue the necessary decisions in this regard, and monitor their implementation.

The new decree also stipulates the need for coordination between the National Committee and relevant entities, guiding and urging them to provide adequate support to the National Committee to facilitate its performance and fulfil its duties.

This coordination is also intended to ensure that the National Committee can effectively oversee the development of the Mutual Evaluation Report, which assesses the country’s compliance with international standards on Anti-Money Laundering and Combating the Financing of Terrorism, and monitor their implementation.

Additionally, the decree mandates the establishment of a General Secretariat for the National Committee, headed by a Secretary-General.

The Secretary-General will also serve as the Vice-Chairperson of the National Committee and as a member of the Supreme Committee.

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