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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:
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
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