UAE Sets New Strategy To Combat Money Laundering And Terrorism Financing

H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, chaired the 21st Meeting of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Counter Terrorism Financing. His Highness welcomed the Financial Action Task Force’s (FATF) decision to delist the UAE from its Grey List in February 2024. He also stressed the importance of sustaining the positive performance and progress achieved by UAE authorities in combating money laundering and counter-terrorism financing (AML/CTF).

Sheikh Abdullah emphasised that the UAE takes its responsibility to protect the global financial system very seriously. He reaffirmed the nation's commitment to fighting financial crime globally and enhancing international cooperation. Additionally, he highlighted the need for developing strategies to tackle emerging risks.

The meeting discussed the National Anti-Money Laundering and Counter-Terrorist Financing Strategy (AML/CFT) for 2024-2027. The Higher Committee approved raising this strategy for adoption by the UAE Cabinet. This strategy includes a comprehensive supervisory framework aimed at enhancing achievements from 2020-2023.

Hamid Al Zaabi, Director-General of the Executive Office of Anti-Money Laundering and Counter Terrorism Financing, outlined several key priorities for 2024-2027. Among these was adopting the National Risk Assessment's second cycle, developed using World Bank methodology. Other priorities include implementing sector-specific plans as outlined in the national strategy.

The meeting also covered preparations for FATF's 2025-2027 Mutual Evaluation process. Key initiatives discussed included demonstrating the effectiveness of the UAE's AML/CFT system, implementing new FATF standards related to virtual assets and asset recovery, and developing national databases by EO for AML/CFT to collect and analyse information.

His Highness thanked various committees for their successful preparation and coordination of the strategy. He acknowledged efforts by the National Committee for Anti-Money Laundering, Counter-Terrorism Financing, and Financing Illegal Organisations, along with EO for AML/CFT.

Attendees

The meeting was attended by several high-ranking officials including Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; Abdullah bin Touq Al Marri, Minister of Economy; Shamma bint Suhail Al Mazrui, Minister of Community Development; Abdullah bin Sultan Al Nuaimi, Minister of Justice; Ahmed Ali Al Sayegh, Minister of State; Khaled Balama Altameemi, Governor of Central Bank; Lt. Gen Talal Belhoul Al Falasi, Director-General of Dubai State Security; Ali bin Hammad Alshamsi, Secretary-General of Supreme Council for National Security; Lt. Gen Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police.

Saeed Al Hajeri, Assistant Minister of Foreign Affairs for Economic and Trade Affairs; Ibrahim Mohammed Al Zaabi, Deputy Head of State Security; Ahmed bin Lahej, Director-General of Customs at Federal Authority for Identity, Citizenship, Customs and Port Security; Aisha Yousef, Acting Undersecretary Ministry of Community Development; Hamid Saif Al Zaabi were also present.

The strategy aims to deepen understanding of Money Laundering (ML), Terrorism Financing (TF), and Proliferation Financing (PF) risks. It seeks to align legal frameworks with international standards while strengthening risk-based supervision over financial institutions and other relevant sectors.

The meeting underscored ongoing efforts to safeguard the financial system while enhancing international cooperation and partnerships. The UAE remains committed to implementing and improving its AML/CTF national framework at a high level.

The committee discussed key initiatives like implementing new FATF standards related to virtual assets and asset recovery. They also focused on developing national databases by EO for AML/CFT to monitor performance effectively.

The meeting concluded with discussions on preparations for FATF's Mutual Evaluation process from 2025-2027. These preparations aim to demonstrate how effective UAE's AML/CFT system is through various initiatives.

With inputs from WAM