UAE-Government-amends-provisions-of-law-on-Anti-Money-Laundering-and-Combating-Financing-of-Terrorism-and-Financing-of-Illegal-Organisations-Karma-Global
Spread the love

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

Over the last few years, economic and corporate globalisation has accelerated making some of them truly global institutions with ever growing geographic footprints, shifting more activities to emerging markets.  Karma Global has been re-writing the rules of international business, creating opportunities for Global Clients to capitalize on the potential of Karma Global’s sophisticated AI products and processes to the new global reality.  

KARMA GLOBAL’S  major services  include  Regulatory Audit,  Management Consulting, Strategy Consulting, Financial &  Tech Advisory, Risk Advisory and Legal including Staffing and Payroll Management Processes  and Compliance.  In Canada, it is known as Karma Global Tech Management Inc. and in U.S.A. as Karma Global Tech Management LLC. 

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.

Proprietary blog of Karma Global – collated and compiled by the internal staff of Karma Global  with the knowledge and expertise that they possess,  besides adaptation, illustration, derivation, transformation, collection and auto generation for its monthly newsletter Issue 27  of  September  2024  and in case of specific or general information or compliance updates for that matter, kindly reach out to the Marketing Team – mudra@karmamgmt.com

Leave a Reply

Your email address will not be published. Required fields are marked *

Translate »
whatsapp-logo