UAE Takes Action On AML/CTF National Risk Assessment Recommendations

The Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF) has started implementing over 100 recommendations from the UAE's National Risk Assessment (NRA). This follows the twenty-first meeting of the Higher Committee Overseeing the National Strategy on AML/CFT, chaired by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, on 10th July 2024.

A comprehensive awareness programme is part of this initiative to address money laundering and terrorist financing risks. More than 50 workshops are planned between 2024 and 2026 to educate stakeholders about these threats. These workshops aim to enhance understanding and compliance across various sectors.

Hamid Al Zaabi, Director-General of the EO AML/CTF, highlighted the significance of completing the NRA using the World Bank Group’s methodology. He stated, "We are pleased to have concluded the latest NRA employing the World Bank Group’s methodology (WBG), and begin a new phase of implementing the recommendations as part of the UAE’s efforts to build a long-term and sustainable AML/CFT system."

The EO AML/CTF aims to improve compliance effectiveness among government authorities and private sector institutions. Al Zaabi emphasised professionalism in adopting and updating policies. He added, "Our objective today is to elevate compliance effectiveness across all government authorities and private sector institutions, emphasising professionalism in adopting and updating policies."

Efforts will focus on mitigating risks in high-risk sectors, enhancing transparency in legal entities, and supporting initiatives in the virtual assets sector. These measures are essential for strengthening financial sector integrity and promoting security.

Collaboration with Regulatory Authorities

The Executive Office will continue working with regulatory bodies to boost private sector awareness of money laundering risks. The impact of this awareness on authorities' performance will be monitored through the National System for Money Laundering and Terrorism Financing Statistics in the UAE.

Al Zaabi reiterated their commitment: "We are committed to taking necessary measures to mitigate risks in high-risk sectors, enhance transparency in legal entities and arrangements, and support initiatives in the virtual assets sector."

In conclusion, these efforts by EO AML/CTF are crucial for advancing security and peace within the financial sector. The ongoing collaboration with regulatory authorities ensures that both public and private sectors remain vigilant against money laundering threats.

With inputs from WAM