UAE’S NATIONAL STRATEGY AGAINST MONEY LAUNDERING AND TERROR FINANCING
The plan was created based on the most recent National Risk Assessment, which was produced using the methodology of the World Bank Group.
After receiving confirmation from the UAE Cabinet on September 2, the UAE revealed its latest AML/CFT/CPF National Strategy for 2024-27.
The plan, centered on 11 strategic objectives, details the legal and regulatory changes the UAE is implementing to mitigate the effects of illicit activities on the community.
The plan was created based on the most recent National Risk Assessment, which was crafted following the World Bank Group's approach, to be in line with the top global benchmarks. Private sector members were crucial in the final stage consultations through their participation.
Approval of the strategy by the Cabinet comes after the Higher Committee Overseeing National Strategy on AML and CFT ratified it.
The primary focus of the national strategy is on important elements of risk-based compliance, effectiveness and sustainability. Some examples are:
- Improving cooperation at both the national and international levels to enhance information sharing and collaborations.
- Making sure that the private sector complies with AML, CFT, and CFP duties through supervision.
- Enhancing the identification, inquiry, and interference of illegal financial operations.
- Improving both human and technical resources.
- Enhancing data collection and analysis.
Continuously revising the legal and regulatory framework to adjust to changing risks and uphold transparency and the rule of law.
The plan addresses the dangers of virtual assets and quickly evolving cybercrime.
Method Implemented
The strategic method involves enhancing comprehension of risks in different sectors, boosting international collaboration and strategic alliances, enhancing supervision of financial institutions and designated non-financial businesses and professions, and increasing the transparency of beneficial ownership details.
Moreover, it centers on enhancing the utilization of financial information for efficient investigations and asset recovery, upholding strong structures to address terrorism financing and illicit organizations' funding, and revising legal and regulatory frameworks to conform with international norms.
It also involves promoting cooperation and partnership between the public and private sectors, establishing centralized data systems for monitoring, and providing sufficient resources and training for different organizations.
The new strategy will be monitored by the General Secretariat of the National Committee to ensure it aligns with the UAE's objectives and follows international standards. Consistent updates will be provided to the Higher Committee overseeing the National Strategy for Combating Money Laundering and Terrorism Financing.
Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Foreign Affairs and Chairman of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, commended the National Committee and its General Secretariat for their outstanding work in developing and implementing the UAE's new AML/CFT strategy against the financing of illicit organizations. This action comes after the Financial Action Task Force (FATF) removed the UAE from its Grey List in February 2024, highlighting the UAE's strong dedication to maintaining top global standards.
He stated that the UAE's proactive approach not only protects the integrity of the global financial system but also enhances its position as a top international financial center and trade hub. The UAE is dedicated to remaining at the forefront of.
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