The UAE Government has revised key provisions of the law on Anti-Money Laundering, Combating the Financing of Terrorism, and the Financing of Illegal Organizations.

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

These amendments are part of the ongoing efforts to enhance the country’s legislative framework in the fight against financial crimes. The decree strengthens the UAE’s compliance with international standards and treaties, supporting the national strategy aimed at safeguarding the financial ecosystem.

Key changes include the formation of the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations, which will be established by a Cabinet decision. Additionally, the decree establishes the Supreme Committee for the Oversight of the National Strategy for Anti-Money Laundering and Counter-Terrorism Financing, tasked with evaluating and guiding the efforts of the National Committee and other relevant entities.

The decree also mandates close coordination among various entities to support the National Committee in fulfilling its duties, particularly in the development and implementation of the Mutual Evaluation Report, which assesses the UAE’s adherence to international Anti-Money Laundering and Counter-Terrorism Financing standards.

Source Emirates 24/7