UAE’s major decision to curb money laundering

Abu Dhabi: The United Arab Emirates has developed a regulatory framework to curb money laundering.

According to media reports, the decision was made by the UAE’s National Committee on Money Laundering and the Financing of Terrorism and Illegal Organizations (NMALCFTC).

The meeting was chaired by the UAE Minister of State in the presence of CBUA Governor Khalid Mahmood Balama and Namal CFT Chairman Ahmed Ali Al-Sayegh.

On the occasion, the committee tasked the CBUA and the Securities and Commodities Authority with overseeing the implementation of the new regulatory framework. According to

This regulatory framework is an initial step in providing comprehensive regulation of virtual assets and provides financial systems and investors with money laundering and compliance with the Financial Action Task Force’s (FATF) International Standard Recommendation No. 15 on AML. Protect against the dangers of terrorist financing.

The committee adopted guidelines for local authorities and the public sector on the role and modalities for enforcing targeted financial sanctions. Approved a circular notice for goods and materials subject to import and export controls to raise awareness about the implementation of targeted financial sanctions.

It should be noted that NMLCFTC is working in collaboration with the Executive Office of the UAE to eliminate gaps in the AMLCTF framework, anti-money laundering and counter-terrorism financing. And the UAE is taking plans and measures to protect its infrastructure from danger.


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