The UAE Cabinet has recently approved a new National Strategy to combat money laundering, terrorism financing, and proliferation financing. This comprehensive strategy, spanning 2024-2027, aims to strengthen the country’s financial system and align it with international standards. The strategy, formulated around 11 strategic goals, introduces legislative and regulatory reforms to combat money laundering and terrorism financing
The new strategy is centered on enhancing risk-based compliance, improving effectiveness and sustainability, and improved national and international coordination. This includes a risk-based approach to identifying and address high-risk areas; enhanced supervision on financial institutions to prevent illicit activities; better information sharing between national and international agencies; use of technology to detect and disrupt financial crimes and focus on emerging threats like cybercrime.
Key highlights of the AML, CFT and CPF national strategy are
- Enhancing coordination between national and international entities to better share information and strengthen partnerships.
- Ensure supervision of AML, CFT, and CFP obligations in the private sector.
- Deploy methods to detect, investigate and remove any illicit financial activities.
- Invest in human and technical resources, enhance data collection update the legal and regulatory framework.
- Focus on virtual assets, cybercrime, and other evolving threats.
UAE’s Commitment to Combating Financial Crime: The UAE’s adoption of this new strategy underscores its commitment to maintaining a robust and secure financial system. By addressing these critical issues, the UAE aims to protect its economy and reputation as a global financial hub.
