ABU DHABI, 29th September 2024 (WAM) — The United Arab Emirates is ramping up its initiatives to tackle money laundering and enhance financial integrity, implementing effective measures that align with international best practices. This ongoing commitment aims to solidify the UAE’s global standing in the fight against financial crimes.
As part of its strategy, the UAE is enhancing its position as a competitive economic hub by upholding the highest standards of integrity and transparency in financial oversight. The government has enacted robust legal measures to strengthen its regulatory framework and combat financial crime.
A key focus of the UAE’s efforts is to establish a sustainable national system that effectively addresses emerging risks in money laundering. The reclassification of certain Financial Action Task Force (FATF) recommendations underscores the UAE’s progress in maintaining quality financial operations and safeguarding the global financial system.
The UAE continues to collaborate closely with the FATF and international partners to mitigate the risks associated with financial crimes. The country aims to emerge as a global leader in this domain through the implementation of its National Strategy and Action Plan 2024–2027.
Recent efforts have yielded positive results in global risk rankings. According to the London Stock Exchange Group’s Country Risk Classification, the UAE’s risk level has been rated as “medium,” with its overall score improving to 5.86, a 13-place increase in its global position. Additionally, the UAE has made strides in the Basel AML Index, with its FATF category score improving from 5.77 to 4.96 and its overall score rising from 5.74 to 5.43.
