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The UAE has strengthened its efforts to combat money laundering and terrorist financing, and has taken effective measures to confront financial crime, in line with international best practices, and consolidates its global position in combating financial crimes and illicit financing.
This comes at a time when the country has succeeded in consolidating its position as a competitive economic center that applies the highest standards of integrity and transparency in the field of financial and commercial oversight, and this confirms its effective, enhanced and sustainable efforts in the framework of combating money laundering crimes and countering the financing of terrorism, after it took strong measures and legal commitments to strengthen… Its legal and regulatory framework.
The UAE has been keen to build a national system to combat money laundering and terrorist financing, which is long-term and sustainable, and has the necessary capabilities to confront emerging risks, as the reclassification of the FATF recommendations 1, 19 and 29 demonstrates the progress achieved by the country, and the UAE’s firm commitment to the quality of its financial operations, and ensuring The integrity of the global financial system, as well as recognition and appreciation of the country’s efforts in promoting financial transparency and achieving international standards related to combating financial crimes.
The UAE continues to work closely with the Financial Action Task Force and other international partners to protect the international community and the global economy from the risks of money laundering and terrorist financing, in light of its efforts to be a global leader in combating money laundering and terrorist financing, through the implementation of the national strategy and action plan 2024-2027. .
progress In global risk ratings
The efforts made by the UAE in recent years have led to its advancement in global risk rankings, as the country’s risk classification by the London Stock Exchange Group showed that the UAE’s risks are “moderate”, and raised the score of its main index to 5.86, which raised the UAE 13 global positions.
Likewise, the country’s rankings saw a significant improvement, according to assessments by civil society organizations, as its ranking in the Basel Anti-Money Laundering Risk Index rose, with the FATF category score updated from 5.77 to 4.96, improving the country’s overall score from 5.74 to 5.43.
Considering that the UAE is one of the major financial centers in the world and a center for trade and investment, its measures in the field of combating illicit flows have had a significant impact, given the interconnectedness between the various aspects of the national economy, and then the reforms that were completed during the past years benefited various partners around the world, and established a more basic foundation. Security for economic relations.
Promote business and innovation
The UAE continues to promote business and innovation, supporting them with a strong legal and regulatory system, while adhering to the best international practices for combating money laundering and terrorist financing, along with promoting economic growth, in light of its continued commitment to working to enhance international cooperation in this field, and to cooperate with partners. Strategic international organizations, within the framework of strengthening global efforts to detect and disrupt all forms of financial crimes.
The UAE continues to build capabilities and enhance the potential of Emirati talent, and increase the number of specialists in combating money laundering and terrorist financing, in addition to the country’s regulatory authorities organizing ongoing sessions, seminars and workshops, to raise the level of awareness among financial institutions, virtual asset service providers, and non-financial businesses and professions. Specific information on its obligations related to combating money laundering and terrorist financing, and regularly updates the relevant guidelines and circulars.
The National Committee to Combat Money Laundering and Combating the Financing of Terrorism and the Financing of Illegal Organizations in the UAE bears responsibility for implementing the national strategy and action plan. It also undertakes a wide-ranging mission that includes ensuring that the UAE has a sustainable and flexible framework for combating money laundering and terrorist financing that is consistent with With international standards.
The UAE considers the private sector a major partner in combating financial crimes, and maintains a strategic dialogue with financial institutions, businesses and non-financial professions, based on the National Partnership Initiative between the public and private sectors, which is the first of its kind in the Middle East and North Africa region.
