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UAE announces national strategy for anti-money laundering, countering terror financing
The strategy was formulated with reference to the latest National Risk Assessment, which was developed using World Bank Group’s methodology
Following approval by the UAE Cabinet on September 2, the UAE has announced its new 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing (AML/CFT/CPF).
The strategy, which is formulated around 11 strategic goals, outlines the legislative and regulatory reforms the UAE is taking to prevent the impact of illegal activities on society.
The strategy was formulated with reference to the latest National Risk Assessment, which has been developed using the World Bank Group’s methodology, to align with the highest international standards. Private sector members played a key role by participating in the final stage consultations.
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Cabinet approval of the strategy follows ratification by the Higher Committee Overseeing National Strategy on AML and CFT.
The national strategy focuses on key pillars of risk-based compliance, effectiveness and sustainability. These include:
- Enhancing national and international coordination to improve information exchange and partnerships.
- Ensuring effective supervision of AML, CFT, and CFP obligations within the private sector.
- Strengthening detection, investigation, and disruption of illicit financial activities.
- Optimising human and technical resources
- Improving data collection and analysis
- Continuously updating the legal and regulatory framework to adapt to evolving risks and support transparency and the rule of law.
The strategy includes a focus on the risks posed by virtual assets and rapidly advancing forms of cybercrime.
Approach used
The strategic approach includes improving the understanding of risks across various sectors, enhancing international cooperation and strategic partnerships, strengthening oversight of financial institutions and designated non-financial businesses and professions, and improving transparency of beneficial ownership information.
Additionally, it focuses on optimising the use of financial data for effective investigations and asset recovery, maintaining robust frameworks to combat terrorism financing and the financing of illicit organisations and updating legal and regulatory frameworks to align with global standards.
It also includes fostering coordination and collaboration between the public and private sectors, developing centralised data systems for monitoring, and ensuring adequate resources and training for various entities.
The General Secretariat of the National Committee will oversee the implementation of the new strategy, ensuring alignment with the UAE’s objectives and adherence to international standards. Regular progress reports will be submitted to the Higher Committee for Supervising the National Strategy to Combat 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, said, “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. This initiative follows the Financial Action Task Force’s (FATF) decision to delist the UAE from its Grey List in February 2024, further underscoring the UAE’s unwavering commitment to upholding the highest international standards.”
He added, “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 is committed to staying ahead of emerging threats through continuous enhancement of our AML/CFT framework, ensuring our financial system remains safe, resilient, and efficient."
"This was most recently evidenced by the issue of a Federal Decree in August, which aligns with the national strategy launched to protect the local financial ecosystem, to implement ground-breaking standards to counter crimes that adversely affect countries' economies. This in turn, would strengthen our economy as a financial centre and an international trade hub, and protect the UAE’s citizens, residents, and society as whole from illegal practices.”
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