UAE approves new body to tackle money laundering
The UAE cabinet has approved the formation of the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism that aims to follow the country’s performance in line with international requirements in this sector.
In a cabinet meeting today (December 14), HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, approved the formation of the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism that aims to follow the country’s performance in line with international requirements in this sector.
The Office will ensure the country’s active collaboration with companies and partners across the world.
The cabinet meeting, which took place in Abu Dhabi’s Qasr Al Watan, also approved the formation of the National Human Rights Authority that aims to establish the country’s status in persevering human rights on regional and global spheres.
It involved the adoption of ministerial resolutions and new structures for federal institutions and government councils, reported state new agency Wam.
As part of the new independent human rights authority, the UAE seeks to develop networks with individuals and institutions around the world with aims to achieve goals in empowering vulnerable segments of the society. The authority will be granted financial and administrative independence to carry out its tasks, it stated.
Sheikh Mohammed said: “Women, children, labourers, the elderly, people of determination and the vulnerable have rights that must be safeguarded. The authority will advance our country’s efforts in protecting human rights.”
Highlighting the country’s active role in safeguarding human rights, the authority will follow the Paris Principles for the National Human Rights Institutions adopted by the United Nations General Assembly.
Among the meeting attendees were Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, and Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
Restructuring the SME Council and the formation of the National Entrepreneurship Council The cabinet adopted resolutions to restructure the Small and Medium-Sized Enterprises Council and establish the National Entrepreneurship Council, to be headed by the Minister of State for Entrepreneurship and SMEs.
The new decisions aim to boost the country’s economic activity and provide an environment that drives innovation and stimulates the growth of start-ups, said the Wam report.
The cabinet also adopted new organisational structures for a number of bodies including the Ministry of Education and the Ministry of Health and Prevention.
The UAE also renewed its commitment to combatting climate change through approving contributions in line with the UN Framework Convention on Climate Change and the Paris Agreement.

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