The National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations was formed as per the directive of His Highness Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior. The first meeting held by the Committee dates back to 17 July 2000 under the chairmanship of His Excellency the Governor of the Central Bank of the UAE. The Committee derived its legal framework from Federal Law No. (4) of 2002 regarding the Criminalisation of Money Laundering in articles 9 and 10.
In 2014, the Committee’s mandate was expanded to include combatting money laundering and the financing of terrorism, following the issuance of Federal Law No. (9) of 2014. In 2018, the Committee’s mandate was further expanded to cover anti-money laundering, combating financing of terrorism and financing of illegal organisations, following the issuance of Federal Law No. (20) of 2018.
- 1Preparing and developing a national strategy to combat crime and proposing related regulations, policies and procedures in coordination with the competent authorities, and monitoring their implementation.
- 2Determining and assessing the risks of the crime on the national level.
- 3Coordinating with the relevant authorities and referring to related international sources of information in order to identify high-risk countries in relation to money laundering and financing of terrorism and instructing the supervisory authorities to ensure the adherence to the required due diligence procedures by financial institutions, designated nonfinancial businesses and professions, and non-profit organisations which are under their supervision
- 4Facilitating the exchange of information and coordination among the various bodies represented in the Committee
- 5Collecting and analysing statistics and other information provided by the Competent Authorities to assess the effectiveness of their Regulations on combating Money laundering, terrorism financing, and financing of illegal organisations
- 6Representing the UAE in international forums related to Money laundering
- 7Proposing the Implementation of Regulations covering the work of the Committee and submitting it to the Minister of Finance for approval
*The subcommittees were formed based on the National Committee’s directive
- National Risk Assessment of Money Laundering, Financing Terrorism and Financing of Illegal Organisations Subcommittee
- Review of Anti-money Laundering and Combating Financing of Terrorism Laws and Regulations Subcommittee
- Evaluation of the Rules and Regulations of Anti-money Laundering and Combating Financing of Terrorism Applied in the Free Zones Subcommittee
- Money Laundering Investigative Authorities Subcommittee
- Combating Terrorist Financing, Financing of Illegal Organisations and Proliferation Financing Subcommittee
- Supervisory Authorities Subcommittee