May 8, 2021
  • May 8, 2021
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UAE adopts guidelines to combat money laundering

By on April 14, 2021 0 110 Views

The United Aran Emirate (UAE’s) National Committee for Combating Money Laundering and Financing of Terrorism and Illegal Organisations (NAMLCFTC) adopted anti-money laundering and countering the financing of terrorism (AML/CFT) guidelines for financial institutions, designated non-financial businesses and professions, at its meeting Tuesday.

The Committee approved six-risk assessment reports related to terrorism financing, trade-based money laundering, misuse of legal persons, non-profit organisations, lawyers and the gold sector.

They will help “align the legislative and operational frameworks and priorities with the current risks and enhance understanding of risks and to boost cooperation among the competent authorities,” the Central Bank of the UAE said in a statement.

The NAMLCFTC guidelines, which are for financial institutions, designated non-financial businesses and professions, aim to raise awareness of the importance of adhering to legislation related to financial crimes and the associated risks and penalties for violating them.

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The decisions were taken at the NAMLCFTC’s third meeting of the year, headed by the newly appointed Central Bank governor and chairman of the committee, Khaled Mohamed Balama and attended by UAE minister of state and chairman of Abu Dhabi Global Market Ahmed Al Sayegh.

The committee also endorsed an initiative to implement a national strategy for combating money laundering and combating the financing of terrorism, which aims to strengthen cooperation between different entities and limit money laundering.

The UAE passed an anti-money laundering and terrorism financing law in 2018.

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