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About Us - Mandate

The UAE NAMLCFTC mandate

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:

  1. 01

    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.

  2. 02

    Determining and assessing the risks of crime on national level.

  3. 03

    Co-ordinating with the relevant authorities and international sources of information to identify high-risk countries. Ensuring the identification of countries that are listed as having weak combat systems for money laundering and financing of terrorism. Moreover, to identify the necessary countermeasures to be taken and other measures commensurate with the degree of risk. Instructing the supervisory authorities to ensure adherence to the required due diligence procedures by financial institutions, designated non-financial businesses and professions, virtual asset service providers and non-profit organisations which are under their supervision to implement the said measures.

  4. 04

    Facilitating the exchange of information and co-ordination among the various bodies represented therein.

  5. 05

    Collecting 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.

  6. 06

    Representing the State in international forums related to AML/CTF.

  7. 07

    Proposing regulation covering the work of the Committee and submitting it to the Minister of Finance for approval.

  8. 08

    Any other matters referred to the Committee by Competent Authorities in the State.

Mandate

 

NAMLCFTC Structure

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AUTHORITY MEMBERS

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 related to efforts to combat money laundering and terrorism financing in the UAE.

 

To achieve this, we are responsible for preparing 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.

 

We have also put in place an institutional framework that allows the coordination of various relevant authorities in the UAE related to anti money laundering and combatting the financing of terrorism and illegal organisations. 

 

The National Committee complies with international standards to avoid negative consequences, which might effect the following

• Economic stability.

• Level of reputational risk.

• Borrowing and investment costs.

• The flow of money and investments.

• The ranking of UAE in many international indicators.

• The international community’s confidence of the UAE.

The committee’s authority members approve all directives before they are communicated to the financial institutions, designated non-financial businesses and professions, and non-profit organisations under each member’s supervision.

LIST OF AUTHORITY MEMBERS

SUB COMMITTEES

As part of our mandate, the UAE National Anti Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organizations Committee (NAMLCFTC) facilitates the national co-ordination, communication and exchange of information between bodies represented in the committee and the wider authorities. 

 

This includes sub-committees NAMLCFTC interacts with to ensure the national strategy framework is upheld.

 

* formed on the National Committee’s directive.

LIST OF SUB COMMITTEES