UAE unveils national strategy for anti-money laundering

The UAE has announced its new 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing (AML/CFT/CPF).

It was earlier approved by the federal cabinet and ratified by the Higher Committee Overseeing the National Strategy on AML and CFT.

The strategy, built around 11 major goals, introduces legislative and regulatory reforms aimed at mitigating the impact of illegal activities on society.

It was developed by the General Secretariat of the National Committee in collaboration with key stakeholders and is based on the latest National Risk Assessment using the World Bank Group’s methodology.

His Highness Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, praised the efforts of the National Committee in crafting this strategy.

"This initiative follows the Financial Action Task Force’s (FATF) decision to delist the UAE from its Grey List in February 2024, further underscoring the UAE’s unwavering commitment to upholding the highest international standards," he said.

The new strategy focuses on key areas including risk-based compliance, national and international coordination, and enhancing the effectiveness of AML, CFT, and CPF obligations.

It aims to strengthen detection and investigation of illicit financial activities, optimise the use of resources, and address emerging risks from virtual assets and cybercrime.

The strategy also emphasises improving transparency, data collection and analysis, as well as updating legal and regulatory frameworks to align with global standards.

The General Secretariat of the National Committee will oversee its implementation and ensure adherence to UAE objectives and international guidelines, with regular progress reports provided to the Higher Committee.