UAE Amends Anti-Money Laundering and Counter-Terrorism Financing Law

The UAE government has issued a new Federal Decree-Law that amends the legislation on Anti-Money Laundering (AML) and Combating the Financing of Terrorism and Illegal Organizations.

Key Provisions:

• National Committee Establishment: A National Committee is formed to focus on AML and combating the financing of terrorism and illegal organizations.
• Supreme Committee Establishment: A Supreme Committee is also established to oversee the National Strategy related to these areas.
• General Secretariat Creation: A General Secretariat is created for the National Committee, with the Secretary-General acting as the Vice-Chairperson of the National Committee and a member of the Supreme Committee.

Mandates of the Supreme Committee:

• Strategy Oversight: Study, monitor, and assess the effectiveness of the strategies and actions undertaken by the National Committee and related entities.
• Decision-Making: Identify necessary measures and requirements for the National Committee and relevant entities, make appropriate decisions, and ensure their execution.
• Compliance Evaluation: Supervise the preparation of the Mutual Evaluation Report, which assesses the country’s compliance with international AML standards, and ensure the implementation of its recommendations.