National Strategy to Combat Money Laundering and Terrorist Financing

The United Arab Emirates has announced its new national strategy for the years 2024-2027 to combat money laundering, terrorist financing and the proliferation of weapons, which was recently approved by the Cabinet, after it was submitted by the Supreme Committee for Supervising the National Strategy for Combating Money Laundering and Terrorist Financing.

The strategy sets goals for legislative and regulatory reforms undertaken by the UAE to combat the impact of these illegal activities on society.

The Committee’s General Secretariat, in partnership with relevant stakeholders, developed the strategy based on the latest national risk assessment, to ensure consistency with the highest international standards, while the private sector contributed to the assessment by participating in final stage consultations.

His Highness Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Foreign Affairs and Chairman of the Higher Committee for Supervising the National Strategy for Combating Money Laundering and Financing of Terrorism, stressed that “this initiative comes after the Financial Action Task Force (FATF) decision to remove the UAE from the grey list last February, which confirms the country’s commitment to implementing the highest international standards.”

His Highness added that “the UAE’s proactive approach will protect the integrity of the global financial system and enhance its position as a leading international financial and commercial centre. The country is committed to continuing to anticipate emerging threats by continuously improving the framework for combating money laundering and terrorist financing, and ensuring that its financial system remains safe, flexible and effective.”

“This will strengthen our economy as an international financial centre and global trade hub, and provide protection to our people, residents and society in general from illegal practices,” His Highness added.

In turn, the Governor of the Central Bank of the UAE and Chairman of the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organizations, Khalid Mohammed Balama, thanked the wise leadership for their support and guidance, and the active role of the Higher Committee for Supervising the National Strategy for Combating Money Laundering and the Financing of Terrorism, headed by His Highness Sheikh Abdullah bin Zayed Al Nahyan, noting the efforts of the members of the National Committee and representatives of the concerned authorities in formulating and developing the objectives of the National Strategy for Combating Money Laundering and the Financing of Terrorism and Illegal Organizations.

The Secretary-General of the Committee, Hamed Al Zaabi, confirmed that the General Secretariat will work through its specialized teams to follow up on the implementation and achievement of the strategy’s objectives. He said that it comes as an affirmation of the state’s ongoing efforts to achieve global leadership in the field of combating money laundering and combating the financing of terrorism and illegal organizations, noting that it has set priorities that focus on the most complex crimes and emerging risks, such as trade-based money laundering, third-party money laundering, complex legal structures, and risks associated with modern technologies.

The new strategy emphasizes strengthening human and technical resources, improving data collection and analysis, continuously updating the legal and regulatory framework to adapt to evolving risks, supporting transparency and the rule of law, and highlights the risks associated with virtual assets and rapidly evolving forms of cybercrime.

The approach includes improving the use of financial intelligence to conduct effective investigations and recover assets, maintaining strong frameworks to combat the financing of terrorism and illegal organizations, updating legal and regulatory frameworks to keep pace with global standards, enhancing coordination and cooperation between the public and private sectors, developing centralized data systems for monitoring, and ensuring adequate resources and training for various entities.

Abdullah bin Zayed:

The UAE’s proactive approach protects the global financial system and strengthens the country’s position as a leading international financial and trade centre.