UAE to combat money laundering, terrorism financing with new national strategy

The UAE has adopted the national strategy for combating money laundering, terrorism financing, and arms proliferation, Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE, and Ruler of Dubai announced on Monday.

The announcement was made during the "first meeting of the new government season", chaired by the Dubai Ruler.

Sheikh Mohammed highlighted that this aims to "ensure the sustainability of oversight of financial institutions and virtual asset service providers in order to consolidate the principles of governance and transparency in our national economy".

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During today's cabinet meeting, the unified government financial statistics for 2023 were approved, revealing that government revenues reached Dh546 billion, while expenditures amounted to Dh402 billion. The key areas of government spending included public security and safety, health, education, economic affairs, social protection, housing, and utilities.

In a social media post, Sheikh Mohammed shared that during the meeting at Qasr Al Watan in Abu Dhabi, they were also briefed on the progress of the new academic year, with schools in the UAE welcoming 1.1 million students.

"Studies began successfully in our national and private universities and the educational field welcomed the beginning of the year with clear directives from my brother, the President of the State, may God protect him," he said, adding, "we look forward to a successful academic year and an educational path capable of meeting the aspirations of the nation."

During the meeting, the Cabinet also approved the restructuring of the Supreme Committee for Free Trade Negotiations and the UAE's membership in an international alliance called the Nationally Determined Contributions Partnership. This alliance aims to advance sustainable development goals and develop tools necessary to adapt to climate change.

Additionally, the Dubai Ruler announced that the agenda for the UAE government's annual meetings, scheduled for November 5 and 6, 2024, in Abu Dhabi, has been approved. These meetings will focus on three main tracks: family, national identity, and artificial intelligence.

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