UAE Updates Anti-Money Laundering Laws To Enhance Financial Security

The UAE government has issued a Federal Decree-Law to amend existing anti-money laundering and counter-terrorism financing provisions. This aims to strengthen the legal framework supporting the country's efforts in combating financial crimes, aligning with international standards and the national strategy for financial protection.

The United Arab Emirates has issued a Federal Decree-Law amending provisions related to Anti-Money Laundering and the Combating of Financing Terrorism. The new law aims to fortify the legal framework supporting efforts to combat financial crimes, ensuring compliance with international recommendations and treaties.

The amendments include the formation of the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism, as well as the Supreme Committee for Oversight of the National Strategy for Anti-Money Laundering. Both committees will require a Cabinet decision regarding their formation and operational regulations.

The decree also mandates coordination between the National Committee and relevant entities to facilitate effective performance and adherence to international standards. A General Secretariat will be established, headed by a Secretary-General, to support the National Committee's efforts.

(With inputs from agencies.)