Following the UAE Cabinet's approval on September 2, the UAE has unveiled its new 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing (AML/CFT/CPF). This strategy, centered around 11 strategic goals, details the legislative and regulatory reforms the UAE is implementing to mitigate the societal impact of illegal activities. Developed in line with the latest National Risk Assessment, which employs the World Bank Group’s methodology, the strategy aims to meet the highest international standards. Private sector stakeholders actively contributed through final stage consultations. The strategy's approval by the Cabinet follows endorsement by the Higher Committee Overseeing National Strategy on AML and CFT.
The national strategy emphasizes key areas such as risk-based compliance, effectiveness, and sustainability, including: Enhancing national and international coordination for improved 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, optimizing human and technical resources, improving data collection and analysis, and continuously updating the legal and regulatory framework to adapt to evolving risks and support transparency and the rule of law. The strategy also addresses risks associated with virtual assets and rapidly advancing cybercrime.
The strategic approach involves enhancing risk understanding across various sectors, strengthening international cooperation and strategic partnerships, improving oversight of financial institutions and designated non-financial businesses and professions, and enhancing transparency of beneficial ownership information. It also focuses on optimizing the use of financial data for effective investigations and asset recovery, maintaining robust frameworks to combat terrorism financing and the financing of illicit organizations, and updating legal and regulatory frameworks to align with global standards. Additionally, it fosters coordination and collaboration between the public and private sectors, develops centralized data systems for monitoring, and ensures 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, expressed his appreciation for the National Committee and its General Secretariat's efforts in preparing the new strategy. He highlighted the UAE's commitment to upholding the highest international standards, especially following the Financial Action Task Force’s (FATF) decision to delist the UAE from its Grey List in February 2024.
He further added that the UAE's proactive approach not only safeguards the integrity of the global financial system but also strengthens its position as a leading international financial centre and trade hub. The UAE is dedicated to staying ahead of emerging threats through continuous enhancement of its AML/CFT framework, ensuring its financial system remains safe, resilient, and efficient. This commitment was recently reinforced by a Federal Decree in August, which aligns with the national strategy to protect the local financial ecosystem and implement groundbreaking standards to counter crimes that adversely affect countries' economies, thereby strengthening the UAE’s economy and protecting its citizens, residents, and society from illegal practices.
