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UAE Adopts National Strategy to Combat Money Laundering, Terrorism Financing

 


The United Arab Emirates (UAE) is committed to combating money laundering and terrorism financing, having implemented a national strategy to address these issues. Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE, stated that this strategy is a key step in ensuring the ongoing oversight of financial institutions and virtual asset service providers.

This initiative strengthens governance and transparency within the UAE's economy. It aims to enhance the production and utilization of financial intelligence to support investigations and prosecutions in money laundering cases.

The new policy also focuses on increasing transparency in Real Beneficiary procedures, preventing the misuse of legal entities and structures within the UAE.

Ranked among the top 10 countries globally in competitiveness indicators, the UAE has experienced rapid economic growth, ranking fifth worldwide in real GDP growth. Additionally, the UAE attracted a record Dh112 billion in foreign direct investment (FDI) over the past year, making it second globally, just behind the United States.

Sheikh Mohammed highlighted that since the onset of the coronavirus pandemic, the Emirati government has implemented 30 decisions, laws, and economic policies to drive economic growth. He affirmed that the government will continue to strengthen and enhance the country's economic future.

Moreover, the UAE has joined a global coalition known as the Nationally Determined Contributions Partnership, which focuses on achieving Sustainable Development Goals (SDGs) and developing essential tools to combat climate change.

Sheikh Mohammed emphasized the UAE's commitment to utilizing the nation’s resources to benefit its people, institutions, economy, and future.



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