The United Arab Emirates has taken a bold step forward in its fight against financial crime with the approval of a new national strategy. The 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing, approved by the UAE Cabinet, marks a significant milestone in the country’s ongoing efforts to safeguard its financial system and bolster its international reputation.
Comprehensive Approach to Financial Security
At the heart of this new strategy are 11 key goals aimed at strengthening the UAE’s defenses against illicit financial activities. The plan outlines crucial legislative and regulatory reforms designed to mitigate the impact of illegal activities on society. Developed using World Bank Group methodology, the strategy ensures alignment with international standards.
Key features of the plan include:
- Enhanced national and international coordination for improved information exchange
- Strengthened supervision of anti-money laundering measures in the private sector
- Improved data collection and analysis capabilities
- Updated legislation to address evolving risks and promote transparency
- Special focus on assessing risks posed by virtual assets and emerging cyber crimes
UAE’s Rising Global Financial Standing
This strategic initiative follows a major triumph for the UAE – its removal from the Financial Action Task Force (FATF) grey list in February 2024. This delisting underscores the country’s commitment to upholding the highest international standards in combating financial crime.
Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs, emphasized the importance of this achievement, stating, “The UAE’s proactive approach not only safeguards the integrity of the global financial system but also strengthens our position as a leading international financial centre and trade hub.”
The UAE has demonstrated its dedication to fighting financial crime through various measures, including the establishment of a National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations, and the imposition of significant fines on entities violating anti-money laundering laws.
As the UAE implements this comprehensive strategy, it reaffirms its position as a leader in financial security, promising a safer and more prosperous future for its residents and the global financial community.
