Strengthening UAE anti-money laundering laws key to tackling evolving threat | The National
The UAE’s amended anti-money laundering laws signal a "transformative shift" in the country's approach to financial crimes and shows authorities are not "resting on their laurels", experts said.
The move aims to ensure “compliance with international standards”, as well as to address the evolving and complex nature of financial crimes, they said.
Authorities on Sunday outlined the amended laws on money laundering and the financing of terrorism and illegal organisations. Two new bodies were established to tackle the issue: a National Committee for Anti-Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organisations, and a Supreme Committee for the Oversight of the National Strategy for Anti-Money Laundering and Counter-Terrorism Financing.
Ibtissem Lassoued, partner and head of advisory in white-collar crime and investigations at Al Tamimi and Company law firm, said the move represented “a key advancement in the UAE's legal and regulatory framework for financial crime prevention”.
She said the amendments "signal a transformative shift in the UAE’s approach to financial crime prevention" and show a "robust and unwavering commitment by the UAE to tackle money laundering and the financing of terrorism".
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