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Key Developments in Anti-Money Laundering Legislation Federal Decree-Law No. 20/2018 initially established the AML regime of the UAE. Still, the difficulty and nature of financial crime required the need for further enhancement in the form of Federal Decree-Law No. 26/2021. Furthermore, the most recent amendment, Federal Decree-Law No. 7/2024, introduces the essential changes that will benefit in combating financial crimes effectively.
The new amendment of Article 11 discusses the National Committee for Combating Money Laundering crimes. According to this article, the governor will be in charge of this committee that will coordinate AML activities across the country. The cabinet formation was proposed by the Minister of Finance. The UAE's AML regulations have been established through coordinated efforts.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
