UAE Establishes General Secretariat To Strengthen National Anti-Money Laundering Efforts

The UAE has established the General Secretariat of the National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) under Federal Decree by Law No.7 of 2024. This body supports the National Committee and the Higher Committee Overseeing the National Strategy for Anti-Money Laundering and Combating the Financing of Terrorism.

The General Secretariat is tasked with enhancing compliance among national authorities and between public and private sectors. This aims to boost financial sector efficiency, aligning with the UAE's strategy for AML/CFT/CFP from 2024 to 2027. It will also lead efforts against money laundering, terrorism financing, and weapons proliferation.

Working closely with the Higher Committee, NAMLCFTC, and other authorities, the General Secretariat will help strengthen legal frameworks in line with international standards set by the Financial Action Task Force (FATF). This includes improving technical performance evaluations in combating financial crime.

In addition to its primary duties, the General Secretariat will handle strategic tasks like overseeing national money laundering risk assessments. It will monitor emerging financial threats and ensure smooth coordination at both national and international levels.

The General Secretariat will also focus on global partnerships, enhancing the UAE's strategic alliances with international counterparts. This collaboration aims to improve efforts in combating financial crimes while promoting a positive image for the UAE globally.

Hamid Saif AlZaabi, Secretary-General and Vice Chairman of NAMLCFTC, stated: "The establishment of the General Secretariat reflects the vision of our wise leadership and highlights the UAE's serious commitment to protecting both its national economy and the integrity of the global financial system."

Commitment to Financial Security

AlZaabi emphasised that this decision is a strategic move to solidify the UAE's leadership in fighting financial crimes. It ensures a secure financial environment as outlined in the UAE's Economic Vision 2031. The aim is to maintain national financial system integrity while preparing for global challenges posed by cross-border crimes.

"Through effective coordination, the unification of expertise, and investment in national competencies," AlZaabi noted, "the General Secretariat will lead effective policy implementation." He stressed cooperation between national and international authorities as key to sustaining efforts against financial crimes.

The General Secretariat's role is crucial in maintaining financial stability and peace globally. By working closely with national teams, it strengthens the UAE's position as a significant partner in international financial security.

With inputs from WAM