BANKiQ’s Post

The UAE Government has taken another significant step forward in the fight against financial crime. A new Federal Decree-Law has been issued, amending certain provisions of the Anti-Money Laundering (AML) and Combating the Financing of Terrorism legislation. This vital update aims to enhance the existing AML legal framework. By reinforcing its commitment to fight financial crime, the UAE continues to position itself as a leader in financial integrity and security. This development not only strengthens the legal landscape but also maintains a transparent and secure financial environment. Executive Office of Anti-Money Laundering and Counter Terrorism Financing UAE Government Media Office #vafcompliance #UAE #LegislationUpdate #AntiMoneyLaundering #FinancialSecurity #Compliance #GlobalStandards #repost #aml

We are thrilled to share that the UAE Government's proactive measures in the fight against financial crime have gained further momentum. The new Federal Decree-Law, which amends key provisions of the Anti-Money Laundering (AML) and Combating the Financing of Terrorism legislation, has now been officially approved! ✅ This significant update underscores the UAE's unwavering commitment to financial integrity and security. By strengthening the legal framework, the UAE not only enhances its position as a global leader in combating financial crime but also ensures a transparent and secure financial environment for all. We are proud to witness these crucial advancements and look forward to seeing the positive impact they will have on our financial landscape. Additional details can be found in this article: https://lnkd.in/dNgp_KaV #vafcompliance #UAE #FinancialIntegrity #AML #CFT #FinancialSecurity #Leadership #Transparency

International Organizations responsible for AML and Terrorism funding combating: Many of the following international organizations work to combat murder and corruption, and assist in the proliferation of weapons of mass destruction: • Financial Action Task Force (FATF) • International Monetary Fund. • International Organization of Securities Commissions. • Interpol, the international police • Middle East and Times Financial Action Task Force (MENAFATF) • Comprehensive framework to combat the erosion of its liberal base, the ECO profits liberalization group is almost. • United nations. The UAE is a distinguished member of many of these regulations, and their requirements and recommendations are covered by the main coverage of the national framework for combating money laundering and its financing. +971 4 252 7634 +971 501405501 Info@hamggroup.com #MoneyLaundering #FinancialCrime #AntiMoneyLaundering #AML #LegalAwareness #UAEFinance #FinancialRegulations #CorporateGovernance #Compliance #FinancialIntegrity #EconomicCrime #BankingLaw #LegalReform #UAE #dubai

The UAE has issued a Federal Decree-Law amending some provisions of the Federal Decree-Law on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations. The new Decree is part of the UAE’s efforts to enhance the regulatory and legal framework against Money Laundering and the Financing of Terrorism. Read more on our article: https://lnkd.in/dmFDAPuY For more information, please contact us at info@compliancemk.com #UAE #AMLandCFT #CFT #FinancialCrimes #AMLCompliance #MKCompliance

Today the Council of ministers of Ethiopia approved assets recovery draft and anti money laundering and financing of terrorism draft law and send to HPR for final approval. Those draft laws are prepared by Ministry of Justice together with other stakeholders .Ministry of Justice, Ethiopia

The European Anti-Money Laundering and Countering the Financing of Terrorism Authority (#AMLA) is a newly established EU authority focused on combating money laundering and the financing of terrorism within the EU. The most important features of AMLA are: 1. Centralized Oversight 2. Supervision and Regulation 3. Harmonization of Rules 4. Risk Assessment 5. Coordination with National Authorities 6. Enforcement Powers

In a huge step forward for one of the globe’s most important economic regions, the UAE was removed from the Financial Action Task Force’s “grey list” on 23rd February. The removal from the list means that the region is no longer subject to additional scrutiny focussing on its ability to tackle financial crime. The UAE has undertaken significant reforms to achieve the de-listing in the past 2 years, including strengthening its Executive Office of Anti-Money Laundering and Counter Terror Financing to counter the flow of dirty money. There have also been significant enhancements to the nation’s penal codes, including the new UAE Federal Penal Code (Federal Law No. 31 of 2021) which governs bribery and corruption offences and significantly widens the scope of its predecessor, which did not criminalize bribery in the private sector. Additionally, at the end of 2023, the UAE established the Accountability Authority to oversee the auditing of public finances and the combating corruption through enhanced oversight of government entities. The de-listing is undoubtedly a significant moment in the bid to attract further foreign investment to the region, with more developments to follow, including a new whistle blowing policy. #UAE #FATF #greylist #moneylaundering #reforms

Updated list of countries under increased monitoring as at 25/10/2024 regarding Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). 🔵Removed from the FATF's list of Jurisdictions under Increased Monitoring: - Senegal (but is still considered as high risk as it remains listed in the EU Commission's list of high-risk third countries) ⛔Added in the FATF's list of Jurisdictions under Increased Monitoring: - Algeria - Angola - Cote d' Ivoire - Lebanon 🔘Removed from the EU List of non-cooperative jurisdictions for tax purposes: - Antigua and Barbuda

The United Arab Emirates has established a new committee to combat money laundering and terrorism financing. The National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) will replace the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism. This decision reflects the UAE's commitment to safeguarding its financial system and reflects a recent UAE Cabinet resolution. This is a significant restructuring of the UAE's anti-money laundering framework. All personnel from the Executive Office will transition to the NAMLCFTC, with Hamid Saif Al Zaabi appointed as Secretary-General. #UAE #antimoneylaundering #terrorismfinancing #financialcrime #NAMLCFTC #UAEeconomy #compliance #financialintegrity #AML #CFT

The Anti-Money Laundering and Combating of Terrorism Financing (AML and CFT) Laws (Amendment) ACT, 2023 (the Amendment Act) was assented into law on the 1st of September 2023 and came into force on 15th September 2023. The Act is testament to Kenya’s continued commitment to combating illicit financial flows, enhancing customer due diligence in financial markets, improving record keeping and reporting of suspicious transactions. Mati Munuve and Kevin Owino, members of our market leading team in Kenya, provide an overview of the Amendment Act in our latest insight. Learn more here: https://bit.ly/4aLO90Q #kenya #disputeresolution #disputeresolution #AML #CFT