UAE's EO AML/CTF Annual Report Highlights Strides Against Financial Crime

The EO AML/CTF's inaugural Annual Report showcases the UAE's comprehensive efforts against financial crime, emphasizing advancements in combating money laundering and terrorism financing.

It outlines key roles of national entities like the Higher Committee and EO AML/CTF as the national coordinator. Collaborative efforts involving supervisory authorities and law enforcement agencies enhance the nation's AML/CFT framework, ensuring integrity and sustainability of financial systems.

Commenting on the publication of the annual report, Hamid AlZaabi, Director General of the EO AML/CTF, said,

“With our 2023 annual report, we reaffirm the UAE’s dedication and commitment to transparency, international cooperation and continuous improvement in the fight against financial crime. The UAE remains steadfast in its mission to uphold financial integrity, protect the global financial system, and contribute to international security and stability. I am confident that the detailed information in this report by the EO AML/CTF is of interest and value to our domestic stakeholders and our international partners, demonstrating the UAE’s commitment to evidence-based communication.”

The report highlights EO AML/CTF's achievements in national and global anti-money laundering and counter-terrorism financing efforts. It emphasizes collaboration with international bodies, enhancing national partners' capabilities, and progress in meeting global AML/CFT standards. The UAE's contributions to Mutual Evaluation processes and successful completion of the FATF Action Plan are noted. Efforts include enhancing legal measures, conducting risk assessments, and fostering international cooperation.

The report emphasises the role of innovation and technology in enhancing the EO AML/CTF’s capabilities, showcasing how modern solutions are being integrated into the national strategy, ensuring the agility of smart systems in anticipating and effectively responding to the risks of financial crime. The report further emphasised the Emiratisation recruitment rate at the EO AML/CTF, particularly in terms of gender equality. It revealed a split of 55 percent female / 45 percent male among hires.

News Source: Emirates News Agency