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Saturday, Sep 18, 2021

UAE's anti-money laundering body endorses framework for virtual assets

UAE's anti-money laundering body endorses framework for virtual assets

A United Arab Emirates committee tasked with fighting money laundering has endorsed a regulatory framework for virtual assets, the Gulf state’s central bank said on Wednesday.
The National Committee for Combating Money-Laundering and Financing of Terrorism and Illegal Organisations has “announced the adoption of a regulatory framework for virtual assets in the UAE, concordant with approved anti-money laundering and combating the financing of terrorism standards,” the central bank – which is one of the committee members – said in a statement.

The central bank and the Securities and Commodities Authority have been tasked with overseeing the implementation of the rules, the statement said.
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