New anti-money laundering law integral to UAE counterterrorism strategy

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The issuance of the anti-money laundering law is yet a new testament that the counterterrorism efforts being tirelessly made in the UAE are integral to the country's overall institutional strategy to ensure end-to-end modernisation of its financial industry by enacting new legislation that go in harmony with international standards and criteria.

The issuance of Federal Law No 20 of 2018 on money laundering has been preceded by circumstantial efforts made by different state departments concerned to update their anti-money laundering rules and regulations, including a new law governing the workings of the Central Bank of the United Arab Emirates which all have been well received by international media as a quantum leap on the path toward effecting an all-embracing legislative evolution.

It has been strikingly noticeable amidst this legislative momentum that anti-money laundering is inseparably associated with the efforts exerted to uproot the scourge of terrorism in what has become quintessential Emirati endeavours to fight fanaticism and radicalism as well all their supporters and financiers.

It has become crystal clear that the UAE is blazing a trail in shouldering the responsibility toward sustaining efforts premised to fight all forms of terrorism in unison with the national vision based on promoting goodness, giving, stability and development regionally and internationally.

Over and above, strengthening anti-money laundering laws will give greater confidence to international investor and trading partners in cross-border dealings, as it goes in line with the requirements of the Financial Action Task Force, an inter-governmental body set up in 1989 and responsible for developing and upholding policies to combat money laundering, terrorist financing and other types of financial crime. As is the case with other legislation, the technical details of the new law will be thoroughly explained through a series of workshops and a general awareness campaign to ensure the new step will ideally fit into a wider ant-terrorism approach.