UAE Government amends provisions of law on Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations
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UAE amends anti money laundering laws to combat offenses and illegal organisations!
The UAE’s laws on anti-money laundering and the financing of terrorism and illegal organisations have been amended, as was announced by the UAE Government very recently.
The amendments are designed to support efforts to fight financial crime while consolidating the country’s technical compliance with international treaties and recommendations, state news agency reported.
A National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations has been formed as a result. The New decree enhances legal framework, establishes oversight committees and aligns with international standards to bolster the UAE’s fight against financial crimes
A Supreme Committee for the Oversight of the National Strategy for Anti-Money Laundering and Counter-Terrorism Financing has also been established.
This committee will study, oversee and assess the effectiveness of strategies and measures implemented by the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations.
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.
It comes as the UAE intensifies its operations against fiscal crimes, specifically money laundering and financing of terrorism.