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
- The Sub-Committee for Technical Compliance of the United Arab Emirates Mutual Evaluation
- The Sub-Committee for Money Laundering Crimes Investigative Authorities in the United Arab Emirates
- The Sub-Committee for Supervisory Authorities in the United Arab Emirates
- The Sub-Committee for National Risk Assessment of Money Laundering, Terrorism Financing and Illegal Organizations Financing Risks in the United Arab Emirates
- The Sub-Committee for Combating the Financing of Terrorism and the Financing of Illegal Organizations and the Financing of Proliferation in the United Arab Emirates
- The Sub-Committee of Company Registrars in the United Arab Emirates
- The Sub Committee for Managing and Follow-up of International Cooperation Requests Related to Money Laundering and Related Predicate Crimes and Combating the Financing of Terrorism
- The Sub-Committee on Public-Private Partnership for Counter Money Laundering and Terrorist Financing