- with readers working within the Banking & Credit and Securities & Investment industries
Angelika Hellweger of Rahman Ravelli details the UAE government's efforts to tackle wrongdoing and boost its international standing.
The United Arab Emirates (UAE) is creating two new bodies to improve its efforts to tackle financial crime.
In a move that can be viewed as both a commitment to strengthening its AML regime and a response to international scrutiny, the UAE government has issued a Federal Decree amending some provisions of its existing anti-money laundering (AML) and combating the financing of terrorism (CFT) Law.
The Decree creates two new oversight bodies: the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations, and the Supreme Committee for the Oversight of the National Strategy for Anti-Money Laundering and Counter-Terrorism Financing. The Supreme Committee will monitor and evaluate the effectiveness of strategies implemented by the National Committee.
The Decree also establishes a general secretariat for the National Committee, which will be headed by a secretary-general. The secretary-general will also serve as the vice-chairperson of the National Committee and as a member of the Supreme Committee.
The new bodies will aim to improve collaboration between government agencies, the investigation of financial crime and efforts to ensure compliance with international AML standards.
The changes emphasise the UAE's commitment to strengthening its financial crime prevention measures. They are also part of the UAE's ambitions to position itself as a leader when it comes to financial transparency and security and boost its reputation as a global financial hub. The changes have been specifically designed to strengthen the legal structures that support the UAE's authorities that tackle financial crime so that it meets international expectations.
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