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Decree No (12) of 2022 On the Formation of a Compliance Committee in the Emirate of Ras Al Khaimah (This Decree had been repealed and replaced by the Decree No (17) of 2023)

Emiri Decree
Decree No (12) of 2022 On the Formation of a Compliance Committee in the Emirate of Ras Al Khaimah (This Decree had been repealed and replaced by the Decree No (17) of 2023) We, Saud Bin Saqr Bin Mohammed Al Qasimi, Ruler of Ras Al Khaimah Having perused the Federal Law No.20 of 2018 on Anti-Money Laundering and Countering the Financing of Terrorism, Law No.2 of 2017 on the Establishment of Ras Al Khaimah Economic Zones (RAKEZ), Law No.4 of 2016 on the Department of Economic Development Emiri Decree No.31 of 2011 on the Establishment of the Investment and Development Office in Ras Al Khaimah, and For the Public Interest, We decided as follows: Article 1: A Compliance Committee responsible for monitoring the compliance of Ras Al Khaimah Freezones and the Department of Economic Development with applicable anti-money laundering, counter-terrorist financing and sanctions laws and regulations shall be constituted. Article 2: The Compliance Committee shall be chaired by an independent representative to be appointed by virtue of a decision issued by the board of directors of the Investment and Development Office, and membership of the following: 1 A representative of Ras Al Khaimah Economic Zones (RAKEZ); 2 A representative of RAK International Corporate Centre (RAKICC); 3 A representative of RAK Maritime City Free Zone Authority; 4 Head of Compliance of Ras Al Khaimah Freezones; 5 Director General of the Department of Economic Development; 6 Head of the Legal Department of RAKEZ; 7 Head of Compliance of the Department of Economic Development. Article 3: The Compliance Committee shall prepare and adopt its charter. Article 4: The Compliance Committee shall hold its meetings upon request of the Head of the Compliance Committee as and when necessary, and shall issue its decisions by the majority of votes, however, in case votes are equal, the side with whom the Head of the Committee voted shall prevail. Article 5: All government entities must provide support to the Compliance Committee. Article 6: Any text in contradiction herewith shall be deemed null and void. Article 7: This Decree shall take effect from the date of its issue and shall be published in the official gazette. Saud Bin Saqr Bin Mohammed Al Qasimi Ruler of Ras Al Khaimah Issued on 24 Shawwal of 1443 H. Corresponding to 25 May of 2022AD.
  • A Compliance Committee responsible for monitoring the compliance of Ras Al Khaimah Freezones and the Department of Economic Development with applicable anti-money laundering, counter-terrorist financing and sanctions laws and regulations shall be constituted.
     
  • The Compliance Committee shall be chaired by an independent representative to be appointed by virtue of a decision issued by the board of directors of the Investment and Development Office, and membership of the following:
    1-A representative of Ras Al Khaimah Economic Zones (RAKEZ); 
    2-A representative of RAK International Corporate Centre (RAKICC);
    3-A representative of RAK Maritime City Free Zone Authority;  
    4-Head of Compliance of Ras Al Khaimah Freezones;
    5-Director General of the  Department of Economic Development; 
    6-Head of the Legal Department of RAKEZ; 
    7-Head of Compliance of the Department of Economic Development. 
     
  • The Compliance Committee shall prepare and adopt its charter.
     
  • The Compliance Committee shall hold its meetings upon request of the Head of the Compliance Committee as and when necessary, and shall issue its decisions by the majority of votes, however, in case votes are equal, the side with whom the Head of the Committee voted shall prevail.  
     
  • All government entities must provide support to the Compliance Committee.
     
  • Any text in contradiction herewith shall be deemed null and void.
     
  • This Decree shall take effect from the date of its issue and shall be published in the official gazette.

Classification
  • Money Laundering
Amendments Legislations
Legislation Number Legislation Subject
2023-7-17 Decree No (17) of 2023 On Updates to the Compliance Committee in the Emirate of Ras Al Khaimah
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