The UAE Cabinet has approved a new National Strategy to tackle money laundering, terrorism financing, and proliferation financing for 2024-2027. This new plan, which has been ratified by the Higher Committee overseeing it, aims to strengthen the UAE’s financial system against illegal activities.
Key Points:
- Strategic Goals: The strategy focuses on 11 main goals, introducing legislative and regulatory reforms to address financial crimes.
- Global Standards: It aligns with the latest National Risk Assessment and international standards, reflecting feedback from the private sector.
- Enhanced Security: The UAE’s proactive stance aims to maintain its reputation as a top international financial center, safeguarding the global financial system.
- Recent Advances: This initiative follows the UAE’s removal from the FATF Grey List in February, showcasing the country’s commitment to global financial standards.
Leadership Insights:
- Sheikh Abdullah bin Zayed Al Nahyan: Praised the new strategy and emphasized the UAE’s commitment to enhancing its AML/CFT framework.
- Khaled Mohamed Balama: Highlighted the strategy’s alignment with international standards and its focus on protecting both the UAE and global financial systems.
- Hamid Al Zaabi: Pointed out the strategy’s comprehensive approach to emerging risks, including cybercrime and trade-based money laundering.
Strategy Highlights:
- Coordination: Improved collaboration between national and international bodies for better information sharing and partnerships.
- Supervision: Enhanced supervision of AML, CFT, and CPF obligations within the private sector.
- Detection and Investigation: Better mechanisms for identifying and disrupting illicit financial activities.
- Resource Investment: Increased investment in human and technical resources, along with updated legal frameworks.
- Focus Areas: Addressing virtual assets, cybercrime, and other evolving threats.
The General Secretariat of the National Committee will oversee the implementation of this strategy, ensuring it meets UAE objectives and aligns with international standards. Regular progress reports will be submitted to maintain effectiveness and alignment.
