Abu Dhabi: The Federal National Council (FNC) is due to be called into a special session in late Ramadan to review and pass an anti-terrorism draft law, Gulf News has learnt.
The legislative and legal affairs committee at the House will meet on Sunday to discuss the draft law, only a couple of months after the country introduced recent changes in international regulations against money-laundering, which can be used to fund terrorism, into its laws.
Sources said the UAE, a signatory to 13 international treaties on terrorism, is revising its counter-terrorism law, issued in 2004, to better fight evolving threats.
In late April, the FNC passed a draft law to fight money laundering and terrorist financing.
The bill strengthens the integrity of the country’s financial strengths in line with the International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation — the FATF Recommendations, according to members of the House.
The FATF Standards were revised in 2012 to strengthen global safeguards and provide governments with stronger tools to take action against financial crime.
The draft law sets up a national panel to be charged with fighting money laundering and terrorist financing. It will be made up of representatives from the UAE’s Central Bank, ministries of Interior, Foreign Affairs, Justice, Finance, Economy, and Social Affairs, as well as state security and customs authorities, among other institutions.
Under the new rules, money launderers may face up to 10 years in prison, a fine of up to Dh500,000 or both. In the case of a business, the penalty is a fine ranging from between Dh300,000 and Dh1 million. Also, the proceeds of any money-laundering activity will be confiscated.
According to UN statistics, the amount of money being laundered globally in one year is nearly five per cent of global GDP, or $2 trillion (Dh7.34 trillion).
An international training and research centre focused on countering violent extremism was approved by the Cabinet last year.
The Cabinet passed a law setting up the International Centre for Excellence in Countering Violent Extremism, Hedaya (Arabic for ‘guidance’), in Abu Dhabi.
The think tank will forge a series of partnerships with credible institutions to carry out its activities. These partnership will be held with the Geneva Centre for Security Policy Centre, Jakarta Centre for Law Enforcement Cooperation, Jump Sports Academies in Abu Dhabi, Mohammad Bin Nayef Counselling and Care Centre in Saudi Arabia, Organisation for Security and Co-operation in Europe and Women without Borders.
Joint cooperation will also be made with key EU and UN agencies like the UN Counter-Terrorism Implementation Task Force, UN Office on Drugs and Crime and UN Interregional Crime and Justice Research Institute.
