UAE announces national strategy to combat money laundering, terror financing
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On September 2, the UAE Cabinet approved the country's new 2024-2027 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing (AML/CFT/CPF). This comprehensive strategy aims to enhance the UAE’s financial security through legislative and regulatory reforms, targeting the risks of illegal financial activities.
The strategy is built around 11 strategic goals, developed using the World Bank Group’s methodology and the latest National Risk Assessment. Private sector consultations played a key role in finalizing the plan, focusing on risk-based compliance, effectiveness and sustainability.
Key pillars include enhancing national and international cooperation, strengthening AML/CFT obligations in the private sector, and optimizing human and technical resources. The strategy also aims to improve data collection, legal frameworks and the detection of illicit financial activities, particularly concerning virtual assets and cybercrime.
Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister, praised the National Committee's work, saying, “The UAE’s proactive approach not only safeguards the integrity of the global financial system but also strengthens our position as a leading international financial centre and trade hub."
The strategy follows the UAE's delisting from the FATF Grey List in February 2024.
