Following its approval by the UAE Cabinet on September 2nd, the UAE has introduced its new National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing (AML/CFT/CPF) for the period 2024-2027. The strategy was also ratified by the Higher Committee Overseeing the National Strategy on AML and CFT.
Formulated around 11 strategic goals, this comprehensive framework outlines significant legislative and regulatory reforms aimed at mitigating the impact of illegal financial activities. It was developed with insights from the latest National Risk Assessment, aligned with World Bank Group methodologies, and incorporates feedback from private sector consultations.
H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, praised the initiative, highlighting the UAE’s commitment to adhering to international standards. His Highness noted that the strategy builds on the UAE's recent removal from the Financial Action Task Force (FATF) Grey List in February 2024, reinforcing its role as a leading financial center.
Khaled Mohamed Balama, Governor of the Central Bank of the UAE, lauded the leadership and efforts of the National Committee, emphasizing the strategy’s role in safeguarding the financial system and reinforcing global standards.
Hamid Al Zaabi, Secretary-General of the General Secretariat, thanked stakeholders for their contributions, noting that the strategy addresses emerging risks, including trade-based and cybercrime-related money laundering. It emphasizes improving risk-based compliance, enhancing national and international cooperation, and bolstering the effectiveness of AML and CFT measures.
The new strategy also focuses on optimizing resources, enhancing data analysis, and updating legal frameworks to adapt to evolving threats. The General Secretariat will oversee its implementation, ensuring alignment with UAE objectives and international standards, with regular progress reports to the Higher Committee.
News Source: Emirates News Agency
