In a meeting held under the chairmanship of Abdullah bin Zayed

The Supreme Committee welcomes the adoption of the general framework for regulating virtual assets at the state level

The Supreme Committee for Supervising the National Strategy to Combat Money Laundering and Terrorist Financing welcomed the decision of the National Committee to Combat Money Laundering and Combat the Financing of Terrorism and the Financing of Illegal Organizations, to adopt the general framework for regulating virtual assets at the state level, which aims to provide a legislative and oversight mechanism to reduce the risks of money laundering and financing Terrorism associated with virtual assets.

Supreme Committee meeting

In detail, H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, chaired the 12th meeting of the Supreme Committee to oversee the national strategy to combat money laundering and terrorist financing.

His Highness and members of the committee were briefed on the progress made by the concerned authorities with regard to the file of combating money laundering and terrorist financing, as well as the targeted procedures and reforms during the coming period, in preparation for the preparation and delivery of the state report on the monitoring period emanating from the Financial Action Task Force (FATF) in October 2021.

evaluation file

During the meeting, the Executive Office for Combating Money Laundering and Terrorism Financing presented a presentation on the progress of work within the country’s assessment file with the Financial Action Task Force (FATF), the latest developments in the implementation of the national action plan to combat money laundering and terrorist financing, in addition to the most prominent achievements related to meeting the requirements of various direct results. , according to the recommendations of the Financial Action Task Force (FATF), and reflected in the state report in a way that highlights the efforts of all parties and work teams in the state.

The committee reviewed a number of national initiatives and projects that were recently approved by the National Committee to Combat Money Laundering and Combat the Financing of Terrorism, and the Financing of Illegal Organizations, including studies related to the legislative framework of confiscation mechanisms that are not based on conviction, the confiscation of the proceeds of foreign original crime, and the guideline for the authorities government to implement targeted financial sanctions.

virtual assets

The Committee also welcomed the decision of the National Committee to adopt the general framework for regulating virtual assets at the state level, which aims to provide a legislative and oversight mechanism to reduce the risks of money laundering and terrorist financing associated with virtual assets, in light of the increasing global recognition of these assets, and the increase in investments in them.

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