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8/16/24, 1:43 PM UAE amends anti-money laundering laws | The National
UAE amends anti-money laundering laws
New measures combat such offences and address financing of terrorism and illegal organisations
The National
11 August, 2024
The UAE's laws on anti-money laundering and the financing of terrorism and illegal
organisations have been amended, the government has announced.
The amendments are designed to support efforts to fight financial crime while
consolidating the country’s technical compliance with international treaties and
recommendations, state news agency Wam reported.
A National Committee for Anti-Money Laundering and Combating the Financing of
Terrorism and Financing of Illegal Organisations has been formed as a result.
A Supreme Committee for the Oversight of the National Strategy for Anti-Money
Laundering and Counter-Terrorism Financing has also been established.
This committee will study, oversee and assess the effectiveness of strategies and measures
implemented by the National Committee for Anti-Money Laundering and Combating the
Financing of Terrorism and Financing of Illegal Organisations.
It comes as the UAE intensifies its operations against fiscal crimes, specifically money
laundering and financing of terrorism.
On Thursday, 32 local gold refineries were suspended for three months for failing to
follow anti-money laundering laws.
A series of inspections on activities related to the trade and manufacture of precious
metals and gemstones were carried out by the Ministry of Economy to ensure compliance
with anti-money laundering legislation in the gold sector.
https://www.thenationalnews.com/news/uae/2024/08/11/uae-amends-anti-money-laundering-laws/ 1/2
