The UAE has introduced a comprehensive strategy aimed at enhancing its defenses against money laundering, terrorism financing, and other financial crimes. This 2024-2027 National Strategy for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) also addresses the risks posed by virtual assets and evolving cybercrime threats.
The UAE Cabinet gave formal approval to the strategy on September 2, marking a significant step forward in its ongoing efforts to combat financial crime. The strategy was crafted through collaboration between public and private sectors and is aligned with international best practices.
Strategic Pillars and Reforms
This new initiative outlines a series of regulatory and legislative reforms based on 11 key strategic goals. It aims to boost national and international cooperation, enhance financial transparency, and fortify the country’s financial system. The strategy’s focal points include improving information exchange, fostering partnerships, and ensuring effective oversight of anti-money laundering and terrorism financing measures in the private sector.
The General Secretariat of the National Committee, together with key stakeholders, played a pivotal role in the development of this strategy, ensuring alignment with the World Bank Group’s methodology and adherence to the highest global standards.
In addition to strengthening detection and disruption of illicit financial activities, the strategy places a significant emphasis on the threats posed by virtual assets and rapidly advancing forms of cybercrime. The comprehensive approach includes measures to improve data collection and analysis, enhance transparency of beneficial ownership information, and update legal frameworks to meet global expectations.
Key Leaders Speak on the Strategy
Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Foreign Affairs, and Chairman of the Higher Committee Overseeing the National Strategy on AML and CFT, lauded the efforts behind the initiative:
“I would like to express my appreciation to the National Committee and its General Secretariat for their exceptional efforts in preparing and delivering the UAE’s new strategy for anti-money laundering, combating the financing of terrorism (AML/CFT) and the financing of illicit organisations.”
He added that the UAE’s commitment to proactive regulation, evidenced by the delisting from the Financial Action Task Force’s (FATF) Grey List earlier this year, is crucial to maintaining its status as a leading international financial center.
UAE Central Bank Governor Commends Leadership
Khaled Mohamed Balama, Governor of the Central Bank of the UAE, emphasized the importance of this strategy in safeguarding the integrity of the financial system:
“I extend my sincere gratitude to our wise leadership for their unwavering support and guidance… The UAE’s commitment to enhancing and sustaining our national system, based on a risk-based approach and aligned with international standards, aims to safeguard the integrity and safety of the financial system both in the UAE and globally.”
Collaboration Across Sectors
Hamid Al Zaabi, Secretary-General of the General Secretariat, stressed the importance of public and private sector cooperation:
“I extend my gratitude and thanks to His Highness Sheikh Abdullah bin Zayed Al Nahyan… for their invaluable participation and support in finalising this strategy.”
He further highlighted that the strategy, based on the UAE’s experience and insights from the latest National Risk Assessment, is designed to tackle emerging threats such as trade-based money laundering and complex legal structures.
This national initiative underscores the UAE’s dedication to maintaining its leadership role in combating financial crimes while ensuring its financial system remains secure and resilient in the face of evolving threats.
