The UAE Government has made changes to the law on Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations.

The United Arab Emirates government has issued a Federal Decree-Law amending certain provisions of the Federal Decree-Law on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations. The purpose of the Decree is to further enhance the legal framework supporting the efforts of the country’s relevant authorities in combating financial crimes, align with international recommendations and treaties, and contribute to the national strategy for protecting the local financial ecosystem.

The amendments include the establishment of the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations, formed 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, with a Cabinet decision to be issued regarding its formation and operating regulations.

The Supreme Committee will be responsible for studying, overseeing, and assessing the effectiveness of strategies and measures implemented by the National Committee, defining measures and requirements, and issuing necessary decisions, as well as overseeing the development of the Mutual Evaluation Report.

The Decree also stipulates the establishment of a General Secretariat for the National Committee, headed by a Secretary-General who also serves as the Vice-Chairperson of the National Committee and a member of the Supreme Committee. Additionally, the Decree emphasizes the necessity of coordination between the National Committee and relevant entities to facilitate its performance and the fulfillment of its duties.