Role of National Committee to combat AML in UAE
This article discusses Federal Decree by Law No 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations in United Arab Emirates. Here we will see Role of National Committee to combat AML in UAE in detail.
A committee chaired by the Governor, called “National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations”, shall be established by virtue of the provisions of this Decree-Law. A decision on the formation of the Committee shall be issued by the Minister.
The Committee shall have the following competences:
Preparing and developing a national strategy to combat crime and proposing related regulations, policies and procedures in coordination with the Relevant Authorities, and monitoring their implementation.
Determining and assessing the risks of the crime on the national level.
Coordination to obtain information
Coordinating with the Relevant Authorities and referring to related international sources of information in order to identify high-risk countries in relation to money laundering and financing of terrorism and instructing the supervisory authorities to ensure the adherence to the required due diligence procedures by financial institutions, designated nonfinancial businesses and professions, and non-profit organisations which are under their supervision.
Facilitating the exchange of information and coordination among the various bodies represented therein.
Collecting and analysing statistics and other information provided by the Relevant Authorities to assess the effectiveness of their Regulations on combating Money laundering, Terrorism financing and financing of illegal organisations.
Representing the State in international forums related to Money laundering.
Proposing the Implementing Regulation covering the work of the Committee, and submitting it to the Minister for approval.
Any other matters referred to the Committee by Relevant Authorities in the UAE.