UAE committed to combatting money-laundering, says UAE FM

The importance of sustaining the country's progress in combatting money laundering and counter-terrorism financing has been highlighted by the UAE's Minister of Foreign Affairs, His Highness Sheikh Abdullah bin Zayed Al Nahyan.

Chairing the 21st Meeting of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF), Sheikh Abdullah stressed the seriousness of the UAE in its responsibility to protect the global financial system.

He reaffirmed the UAE’s commitment to fighting financial crime at a global level, enhancing international cooperation, and developing strategies to tackle emerging risks.

Additionally, he confirmed the UAE's continuous efforts to maintain safeguarding its financial system, enhance international cooperation and partnerships, and uphold a high-level of commitment to implementing and improving the AML/CTF national framework.

The meeting discussed the National AML and CTF Strategy for the period 2024-2027 and approved the recommendation to raise the strategy for adoption by the UAE Cabinet.

The strategy includes a comprehensive supervisory forward-looking framework, aimed at enhancing and expanding the accomplishments achieved during the period 2020-2023.

It encompasses multiple facets, including deepening the understanding of Money Laundering, Terrorism Financing, and Proliferation Financing risks, aligning the legal and regulatory framework with international standards, strengthening risk-based supervision of financial institutions, designated non-financial businesses and professions, and virtual assets service providers.