UAE Hosts GCC Workshop To Enhance Financial Action Task Force Evaluation Strategies

The UAE's National Anti-Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) recently organised a workshop with the Cooperation Council for the Arab States of the Gulf (GCC). The event aimed to discuss the Financial Action Task Force (FATF) grey list process. Participants included representatives from GCC General Secretariat, UAE, Saudi Arabia, Oman, Bahrain, Kuwait, and Qatar.

During the three-day workshop, Emirati authorities presented their experiences in enhancing national anti-money laundering (AML) and counter-financing of terrorism (CFT) measures. Agencies such as NAMLCFTC, law enforcement bodies, supervisory authorities, and the Financial Intelligence Unit (FIU) shared insights on the eleven FATF Immediate Outcomes (IOs), which are global standards for AML/CFT effectiveness.

The UAE highlighted its comprehensive approach to AML/CFT by sharing national experiences in Targeted Financial Sanctions (TFS), Proliferation Financing (PF), and cybersecurity. These presentations aimed to showcase how the UAE has strengthened its financial crime prevention measures. The country was removed from the FATF grey list in February 2024 after completing its Action Plan swiftly in under two years.

Hamid Saif AlZaabi, Secretary General and Vice Chair of NAMLCFTC, emphasised viewing the grey list process as a chance to fortify AML/CFT frameworks. He stated: "Effectiveness is the key to beating criminal networks. When people ask about the UAE’s journey, I am most proud of the outcomes: higher-quality investigations, more extraditions, stronger enforcement, increased asset seizures, and, crucially, the development of a new generation of dedicated Emirati professionals."

AlZaabi also highlighted recent institutional reforms within the UAE to enhance its AML/CFT infrastructure. These reforms include restructuring NAMLCFTC to streamline domestic processes and improve effectiveness in countering financial crime. Such efforts underscore the UAE's commitment to strengthening its financial crime prevention systems.

The workshop underscored regional cooperation among GCC countries in combating financial crime. By sharing best practices and experiences, participants aimed to reinforce their collective efforts against money laundering and terrorism financing. This collaboration sets an example for other nations while reinforcing the UAE’s status as a global leader in fighting financial crime.

The UAE continues building on its success with initiatives like the latest National Risk Assessment and a bold new National Strategy for 2024-2027. These steps aim to ensure long-term sustainability in AML/CFT systems while fostering regional cooperation among GCC countries.

With inputs from WAM