The National Committee for Combating Money Laundering and Financing of Terrorism and Illegal Organisations (NAMLCFTC) of the UAE adopted a set of anti-money laundering and countering the financing of terrorism (AML/CFT) guidelines for financial institutions, designated non-financial businesses and professions early this week.
Six risk assessment reports were approved by the body which are related to terrorism financing, trade-based money laundering, misuse of legal persons, non-profit organisations, lawyers and the gold sector.
In a statement, the Central Bank of the UAE stated that these reports 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 NAMLCFTC guidelines are expected to raise awareness of the importance of adhering to legislation related to financial crimes and the associated risks and penalties for violating them.
The decision and subsequent approvals were taken at NAMLCFTC’s 3rd meeting of the year which was 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 Anti-money laundering and terrorism financing law was passed in the UAE in 2018.