UAE committed to fighting money laundering and terrorism financing at a global level

Chairing the 21st Meeting of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Counter Terrorism Financing, Foreign Minister HH Sheikh Abdullah bin Zayed stressed the UAE’s commitment to fighting the crime at a global level.

He highlighted the importance of sustaining the UAE’s progress in combating financial crime, reaffirming the country’s seriousness in its responsibility to enhance international cooperation and develop strategies to tackle emerging risks.

In addition, His Highness also confirmed the UAE’s continuous efforts to maintain its financial system, enhance international cooperation and partnerships, and uphold a high-level of commitment to implementing and improving the system.

National AML and CTF Strategy for 2024-2027

The high-profile meeting discussed the National Anti-Money Laundering and Counter Terrorism Financing Strategy for the period 2024-2027 and approved the recommendation to raise the strategy for adoption by the UAE cabinet.

The strategy includes a comprehensive supervisory framework, aimed at enhancing and expanding the accomplishments achieved during the period 2020-2023. It encompasses multiple facets, as per media reports.

It covers deepening the understanding of Money Laundering, Terrorism Financing, and Proliferation Financing risks, strengthening supervision of financial institutions, designated non-financial businesses and professions, and virtual assets service providers.

UAE taking pro-active measures to combat financial crimes

The Financial Action Task Force (FATF) announced on February 24 last year that the UAE has been removed from its grey list. The decision brought into focus the Gulf state’s success in taking pro-active measures to combat financial crimes.

Being on the grey list suggests a country is required to improve in certain areas over an agreed timeline. The UAE’s removal from the list indicates the country has made progress in bolstering its systems to bring an effective end to different sorts of financial crimes.

Measures taken by the Emirates include the establishment of a special court for financial crime prosecution and the creation of an executive office to fight the crimes. The removal of the nation from the list presents a number of benefits to businesses.