Abu Dhabi, UAE – The United Arab Emirates (UAE) has launched a new National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing (AML/CFT/CPF) for the period 2024-2027, following its approval by the UAE Cabinet on September 2.
The strategy sets out 11 strategic goals aimed at fortifying the UAE’s regulatory framework and enhancing its effectiveness in combating financial crimes. The announcement follows the country’s removal from the Financial Action Task Force’s (FATF) “grey list” in February 2024, a move hailed by officials as recognition of the UAE’s efforts to meet international standards.
“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 center and trade hub,” Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Foreign Affairs, and Chairman of the Higher Committee Overseeing the National Strategy on AML/CFT. “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.”
Strengthening National Framework
The strategy’s key pillars focus on risk-based compliance, enhancing the effectiveness and sustainability of the national framework, and continuously updating legislation and regulations to respond to emerging threats. It includes measures to improve coordination among national and international entities, increase transparency, and bolster the detection, investigation, and disruption of illicit financial activities.
“I extend my sincere gratitude to our wise leadership for their unwavering support and guidance. I also commend the effective role of the Higher Committee for Supervising the National Strategy, led by His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and Chairman of the Higher Committee, as well as the dedicated efforts of the National Committee members and representatives from concerned authorities,” Khalid Mohammed Balama, Governor of the Central Bank of the UAE and Chairman of the National Committee for Combating Money Laundering and Financing of Terrorism and Illegal Organizations, said,. “Their work in shaping and advancing the objectives of the National Strategy for Combating Money Laundering and Terrorism Financing underscores the UAE’s commitment to enhancing and sustaining our national system.”
Focus on Implementation and Oversight
The strategy addresses new risks, including trade-based money laundering, third-party laundering, intricate legal structures, and evolving technological threats such as cybercrime. It also integrates findings and recommendations from the recent National Risk Assessment, which will be disclosed soon.
UAE’s International Commitment
The strategy’s focus includes optimizing the use of financial data for effective investigations and asset recovery, maintaining robust frameworks to combat terrorism financing, enhancing international cooperation, and fostering coordination between public and private sectors.
“The National Strategy 2024-2027 underscores the UAE’s commitment to global leadership in combating money laundering, financing of terrorism, and illegal organizations,” said Hamid AlZaabi, Secretary General of the General Secretariat, Vice Chair of the National Committee. “Developed with insights from the UAE’s experience and incorporating best global practices, particularly the risk-based approach, the strategy addresses complex crimes and emerging risks, including trade-based money laundering, third-party laundering, intricate legal structures, and modern technological threats.”