The UAE Government introduced a federal decree on Sunday, modifying specific sections of the Anti-Money Laundering and Combating the Financing of Terrorism law through the creation of oversight committees.
This initiative seeks to enhance the legislative and legal framework of the country to align with global standards. The amendment establishes a National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations. Furthermore, a Supreme Committee will be formed to supervise the National Strategy for Anti-Money Laundering and Combating the Financing of Terrorism.
A General Secretariat will be appointed for the national committee, with the Secretary General acting as the Vice-Chairperson of the National Committee and a member of the Supreme Committee. The Supreme Committee will oversee the National Committee's operations, examining, monitoring, and evaluating their strategies. It will also determine the measures and requirements that the national committee must fulfill, in addition to monitoring other entities.
The committee will manage the development of the 'mutual evaluation report', which will gauge the country's adherence to international standards and monitor the implementation of these standards.
