Money Laundering is an issue over the world, among other countries that have taken steps to combat financial. Organized and terrorist crimes, the UAE maintains a strong Anti-Money Laundering (AML) system to protect against the possibility of money laundering and terrorist financing. If you want to know the goAML registration deadline and goAML compliance in UAE. Then here we mention a complete guide for you.
The anti-money laundering registration deadline is on 31st March 2021 for four selected categories of business, as an attempt to manage the financial crimes that are on the rise.
The UAE government’s priorities include combating money laundering. The first federal legislation to deal with money laundering was issued in 2002, and the financial sector has been implementing these measures for many years.
As a major step towards funding money laundering and terrorism, the UAE cabinet, chaired by its highness Sheikh Mohammad Bin Rasheed Al Maktoum, vice president, Prime Minister, and Ruler of Dubai, has given confirmed the set up of the Executive Office of Anti-money laundering and counter financing of terrorism.
The Executive Office will supervise the execution of the UAE’s Anti-money laundering and countering the financing of Terrorism Strategy and National Action plan, the program of changes intended to solidify the UAE’S financial anti-crime method.
The Director-General of the Executive office stated that the office would solidify UAE domestic security against money laundering and terrorism while enabling effective enforcement. The office will immediately to the higher committee supervise the UAE’s national Anti-money laundering and counter financing of terrorism strategies. Which will be chaired by the Minister of foreign affairs and international cooperation.
Because of the UAE’s leadership’s vision, and under the supervision of the high committee chair supervises the UAE’s National execution of AML/CFT strategy, the UAE has taken its role in preserving the honor of the global financial method enormously seriously said Al Zaabi. On Wednesday in a virtual conference.
The UAE is restricted from taking action because the scale of involution of financial crime has grown. So too has the UAE’s consciousness and understanding of it. There would be a special court in the UAE at the federal level to finance money laundering and terrorism cases. He stated that the UAE Central Bank had recently announced that it had approved 11 banks in the UAE, to achieve the appropriate level of compliance concerning anti-money laundering and counter financing of terrorism and local compliance. The administrative office is an image of the top-level political commitment to establish and operate a refined financial crime compliance method in all UAE entities.
The administrative office will serve as the major national coordination body on Anti-money laundering and counter financing of terrorism efforts within the UAE, a comprehensive to assist UAE anti-money laundering and counter financing of terrorism-related entities in improving performance to more suitable address the nation’s National Action plan will conduct the mandate.
The Executive Office’s Responsibilities
The executive office’s responsibility is to improve federal and global coordination and collaboration on anti-money laundering and counter financing of terrorism issues at policy and operational levels, dealing with money laundering and terrorism financing intimidations by working with local and global groups like the AML/CFT, G20, and the gulf cooperation council working on the financial action task force.
This would be done in combination with the National Committee for combating money laundering and the financing of terrorism and unlawful organizations (NAMLCFTC) and the Ministry of Foreign Affairs and International collaboration.
The office will actively enhance the exchange of information among law enforcing firms, administrators, and the private sector, to further solidify the UAE’s current anti-money laundering and counter financing of terrorism framework, and to coordinate with UAE entities, to explore and enhance legislation, and will coordinate with the Ministry of Foreign Affairs and International Collaborate. Assuring that development is in the right way to expressed and reflected for the high committee on AML/CFT under the the command of H.H Sheikh Abdullah Bin Zayed.