Home Framework UAE anti-money laundering agency approves framework for virtual assets

UAE anti-money laundering agency approves framework for virtual assets

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A general view of the Business Bay area, after a curfew has been imposed to prevent the spread of coronavirus disease (COVID-19), in Dubai, United Arab Emirates, March 28, 2020. REUTERS / Satish Kumar / File Photo

DUBAI, Sept. 8 (Reuters) – A United Arab Emirates anti-money laundering committee has approved a regulatory framework for virtual assets, the Gulf state central bank said on Wednesday.

The National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organizations “announced the adoption of a regulatory framework for virtual assets in the United Arab Emirates, in line with approved anti-money laundering standards. ‘money and terrorist financing,’ according to the central bank. – who 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.

“This regulatory framework is a first step in providing comprehensive regulation of virtual assets and protects the financial system and investors from the risks of money laundering and terrorist financing,” he said.

In 2019, the financial crime watchdog, the Financial Action Task Force, announced that cryptocurrency companies would be subject to rules aimed at preventing the misuse of digital coins such as bitcoin for money laundering. ‘money. It was the first global regulatory attempt to restrict the rapidly growing industry.

Reporting by Davide Barbuscia; Editing by Mark Porter

Our Standards: Thomson Reuters Trust Principles.


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