UAE Strengthens Fight Against Money Laundering and Terrorism Financing

The United Arab Emirates (UAE) has ramped up its initiatives to combat money laundering and terrorism financing, implementing robust measures that align with international best practices.

This strategic approach not only addresses financial crime but also enhances the UAE's reputation as a competitive economic hub committed to integrity and transparency in financial oversight.

The nation has enacted stringent legal measures to fortify its regulatory framework, ensuring that it is equipped to address emerging risks. The reclassification of specific Financial Action Task Force (FATF) recommendations highlights the UAE's commitment to maintaining high standards in financial operations and safeguarding the global financial system. This recognition underscores the country’s ongoing efforts to promote financial transparency and adhere to international standards.

The UAE aims to establish a sustainable national system to combat financial crimes, collaborating closely with the FATF and other global partners. The implementation of the National Strategy and Action Plan 2024–2027 further positions the UAE as a potential leader in this critical area.

Recent years have seen the UAE’s ranking in global risk classifications improve significantly. According to the London Stock Exchange Group, the UAE’s risk level is now rated as "medium," with an enhanced score of 5.86, reflecting a climb of 13 positions globally. Furthermore, the UAE has made strides in the Basel AML Index, with its FATF category score improving from 5.77 to 4.96, leading to an overall score enhancement from 5.74 to 5.43.

These developments demonstrate the UAE's unwavering dedication to protecting the global economy from the threats posed by money laundering and terrorism financing.

News Source: Emirates News Agency