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.
Determining and assessing the risks of crime on national level.
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.
Facilitating the exchange of information and co-ordination among the various bodies represented therein.
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.
Representing the State in international forums related to AML/CTF.
Proposing regulation covering the work of the Committee and submitting it to the Minister of Finance for approval.
Any other matters referred to the Committee by Competent Authorities in the State.