UAE Amends Law on Anti-Money Laundering and Countering Terrorism Financing

The Government of the United Arab Emirates (UAE) has issued a Federal Decree-Law amending key provisions of its existing Anti-Money Laundering (AML) and Financing of Terrorism (CFT) and Anti-Illicit Organisations.

The move aims to improve the legal framework that supports the UAE’s efforts in tackling financial crime and aligns with international standards and treaties. The decree is in line with the UAE’s national strategy to protect the financial environment by implementing enhanced measures to combat economic crime.

Key amendments include the establishment of a National Committee for Prevention of Money Laundering and Combating Financing of Terrorism and Illegal Organisations, which will be created through a Cabinet decision. In addition, the decree introduces the Supreme Committee for Oversight of the National Strategy for AML and CFT, which is responsible for evaluating and supervising the effectiveness of the strategies implemented by the National Committee.

The apex committee will also work to define necessary actions, deliver results and ensure coordination between the National Committee and relevant institutions. This coordination is key to developing a mutual assessment report that assesses the UAE’s compliance with international AML and CFT standards.

The decree further mandates the creation of a General Secretariat for the National Committee headed by the Secretary General who will serve as the Vice President of the National Committee and a member of the Supreme Committee. These changes are designed to help the UAE fight financial crime and comply with global standards.