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Article (12)

DFL 20/2018 Effective from 23/10/2018

The Committee shall have the following competences:

  1. 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.
     
  2. Determining and assessing the risks of the crime on the national level.
     
  3. Coordinating with the relevant authorities and referring to related international sources of information in order to identify high-risk countries in addition to the countries that their combat systems in relation to money laundering and financing of terrorism are weak, Moreover, to identify the necessary countermeasures to be taken and other measures commensurate with the degree of risk, and instructing the supervisory authorities to ensure the adherence to the required due diligence procedures by financial institutions, designated nonfinancial businesses and professions, virtual asset service providers and non-profit organizations which are under their supervision in order to implement the said measures.
     
  4. Facilitating the exchange of information and coordination among the various bodies represented therein.
     
  5. Collecting and analyzing 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 organizations.
     
  6. Representing the State in International forums related to AML/CTF.
     
  7. Proposing the Regulation covering the work of the Committee, and submitting it to the Minister for approval.
     
  8. Any other matters referred to the Committee by Competent Authorities in the State.
     
This article has been amended by Federal Decree-Law No. (26) of 2021. You are viewing the latest version. To view the previous version, click the version box below.
Version 1(effective from 23/10/2018 to 13/09/2021)

 

The Committee shall have the following competences:

1- 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.

2- Determining and assessing the risks of the Crime on the national level.

3- Coordinating 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.

4- Facilitating the exchange of information and coordination among the various bodies represented therein.

5- Assess the effectiveness of the system on combating Money Laundering, Terrorism Financing and Financing of Illegal Organisations based on collecting and analysing statistics and other information provided by the Competent Authorities.

6- Representing the State in international forums related to Anti-Money Laundering and combating Financing of Terrorism.

7- Proposing the Executive Regulation covering the work of the Committee, and submitting it to the Minister for approval.

8- Any other matters referred to the Committee by Competent Authorities in the UAE.