UAE Begins Implementation of 100+ AML/CFT Recommendations Post-National Risk Assessment

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

This initiative includes a comprehensive awareness program on the risks associated with money laundering and terrorist financing, featuring more than 50 workshops scheduled between the period of 2024 and 2026.

Hamid Al Zaabi, Director-General of the EO AML/CTF, remarked that with the completion of the NRA the UAE has an up-to-date and in-depth knowledge of its threats and risks.

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. Our objective today is to elevate compliance effectiveness across all government authorities and private sector institutions, emphasising professionalism in adopting and updating policies. 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. These efforts are crucial in strengthening the integrity of the financial sector and advancing security and peace.”

The Executive Office will maintain collaboration with regulatory and competent authorities to enhance private sector awareness of risks and will monitor the impact of this understanding on the authorities' performance through the National System for Money Laundering and Terrorism Financing Statistics in the UAE.

News Source: Emirates News Agency