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UAE committed to fighting money laundering and terrorism financing at a global level


Chairing the 21st Meeting of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Counter Terrorism Financing, Foreign Minister HH Sheikh Abdullah bin Zayed emphasized the UAE's global commitment to combating financial crime.

He underscored the importance of sustaining the UAE's progress in this area, reaffirming the nation's dedication to enhancing international cooperation and developing strategies to address emerging risks.

His Highness also confirmed the UAE's ongoing efforts to maintain its financial system, strengthen international partnerships, and uphold a high level of commitment to implementing and improving anti-money laundering and counter-terrorism financing measures.

National AML and CTF Strategy for 2024-2027

The high-profile meeting discussed the National Anti-Money Laundering and Counter Terrorism Financing Strategy for 2024-2027, approving a recommendation to present the strategy for adoption by the UAE cabinet.

This strategy includes a comprehensive supervisory framework aimed at building on the accomplishments of 2020-2023. It covers several key areas:

- Deepening the understanding of Money Laundering, Terrorism Financing, and Proliferation Financing risks.
- Strengthening supervision of financial institutions, designated non-financial businesses and professions, and virtual assets service providers.

UAE's Proactive Measures to Combat Financial Crimes

On February 24 of last year, the Financial Action Task Force (FATF) announced that the UAE had been removed from its grey list, highlighting the country's success in taking proactive measures against financial crimes.

Being on the grey list indicates a need for improvements within a set timeline. The UAE's removal from the list signals significant progress in strengthening its systems to effectively combat various financial crimes.

Notable measures taken by the UAE include establishing a special court for financial crime prosecution and creating an executive office dedicated to fighting these crimes. This removal from the grey list offers numerous benefits to businesses operating within the UAE.
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