The UAE Government has issued a Federal Decree-Law amending certain provisions of the existing law on Anti-Money Laundering, Combating the Financing of Terrorism, and Financing of Illegal Organisations.
This amendment aims to advance the legal framework supporting the country’s efforts in combating financial crimes and to enhance the UAE’s technical compliance with international recommendations and treaties.
The decree aligns with the national strategy to protect the local financial ecosystem by implementing innovative standards to counter crimes that negatively impact economies.
Key amendments include the establishment of the National Committee for Anti-Money Laundering and the Supreme Committee for the Oversight of the National Strategy, both to be formed by Cabinet decisions.
These committees will oversee the implementation and effectiveness of anti-money laundering and counter-terrorism financing strategies, ensuring adherence to the required measures and regulations.
