The United Arab Emirates recently introduced a new strategy to effectively combat money laundering, terrorism financing, and illicit proliferation. This announcement, shared by the Emirati news agency on Wednesday, signals a significant commitment.
Spanning the period 2024-2027, this strategy is part of efforts to strengthen legislative and regulatory reforms, with the aim of preventing and mitigating the devastating impacts of criminal activities on both Emirati and international society.
Based on 11 key objectives, this strategic plan was developed using the results of the latest national risk assessment and aligns with international standards, as noted by the WAM agency.
Sheikh Abdullah Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, who also chairs the Higher Committee for the Strategy’s Supervision, emphasized that this initiative demonstrates « the UAE’s continued commitment to adhering to international standards, especially after the country was removed from the Financial Action Task Force (FATF) gray list in February 2024. »
Meanwhile, Khaled Mohamed Balama, Governor of the Central Bank, highlighted that this new direction reflects « the UAE’s determination to safeguard the integrity of the financial system, both domestically and internationally. »
The strategy is built on several key pillars: risk-based compliance, strengthened international cooperation, and continuous improvement of the legal and regulatory framework. Moreover, it incorporates specific measures to address emerging threats such as virtual assets and cybercrimes.
