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Welcome to NAMLCFTC Website

The UAE National Anti Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organizations Committee (NAMLCFTC) is the primary body for policy making and issuing regulations to combat money laundering and terrorism financing in the UAE.

NAMLCFTC Structure

21

years of dedication

8

sub-committees

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The UAE National Anti Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organizations Committee (NAMLCFTC) is the primary body for policy making and issuing regulations to combat money laundering and terrorism financing in the UAE.

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According to Federal Decree-law No. (20) of 2018 On anti money laundering and combatting the financing of terrorism and financing of illegal organisations and its amendments, the National Committee for Anti Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organizations (NAMLCFTC) has competence over the following activities - Preparing and developing a national strategy to combat crime and proposing related regulations, policies, and procedures in co-ordination with the competent authorities, and monitoring their implementation.

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     Money laundering refers to the following acts:

 

  1. Any person with knowledge that funds held are the proceeds of a felony or a misdemeanour, and who wilfully commits any of the following acts, shall be considered a perpetrator of the crime of money laundering:
    • Transferring or moving proceeds or conducting any transaction with the aim of concealing or disguising their illegal source.
    • Concealing or disguising the true nature, source or location of the proceeds as well as the method involving their disposition, movement, ownership of or rights with respect to said proceeds.
    • Acquiring, possessing or using proceeds upon receipt.
    • Assisting the perpetrator of the predicate offence to escape punishment.
  1. The crime of money laundering is considered as an independent crime. The punishment of the perpetrator for the predicate offence shall not prevent his punishment for the crime of money laundering
  2. Proving the illicit source of the proceeds should not constitute a prerequisite to sentencing the perpetrator of the predicate offence

To combat financial crime, the UAE endorses and implements various international and regional initiatives. They include:

 

  • Forty Recommendations issued in 2012 by the Financial Action Task Force: International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation;
  • The Basel Statement of Principles issued by Basel Committee to prevent the use of banking system for criminal purposes;
  • European Community directive to prevent the utilisation of the banking system for money laundering activities; and
  • The Council of Europe Convention on Money Laundering, Search, Seizure and confiscation of the proceeds from crime.

Our objective is to protect the nation’s financial and economic stability by reducing the threat of criminal economic activity in the UAE. To achieve this, we work towards 12 strategic goals.

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Financial Action Task Force

The Financial Action Task Force, also known by its French name, Groupe d'action financière, is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering. In 2001, its mandate was expanded to include terrorism financing.

WWW.FATF-GAFI.ORG

MENAFATF - Middle East and North Africa Financial Action Task Force

The Middle East and North Africa Financial Action Task Force (MENAFATF) is a FATF-style regional body (FSRB) for countries in the Middle East and North Africa. Through the organization, members work to adopt and implement the FATF recommendations as well as anti-terrorism treaties and UN Security Council resolutions.

www.menafatf.org

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