Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs, chaired the twenty-first meeting of the Supreme Committee overseeing the National Strategy to combat money laundering and terrorist financing. Sheikh Abdullah welcomed the Financial Action Task Force (FATF)'s decision to remove the country from its grey list in February 2024, emphasizing the importance of sustaining the positive performance and progress achieved within the framework of national efforts against money laundering and terrorist financing.
He stressed that the UAE takes its role in protecting the integrity of the global financial system very seriously and reaffirms its steadfast commitment to combating financial crimes worldwide, enhancing international cooperation in this regard, and developing strategies aimed at mitigating risks.
He also confirmed the continuity of the UAE's efforts to maintain the sustainability of its financial system’s protection, enhance international cooperation and partnerships, and high-level commitment to implementing and improving the operational framework to combat financial crimes.
During the meeting, the national strategy to combat money laundering and terrorist financing for the period of 2024-2027 was reviewed, and a recommendation was approved for adoption by the Council of Ministers. The strategy includes a comprehensive regulatory framework aimed at enhancing and expanding the achievements made during the previous national strategy for the period of 2020-2023, encompassing key objectives that cover all areas. These include deepening the understanding of money laundering and terrorist financing risks, aligning the legal and regulatory framework with international standards, and enhancing risk-based supervision of the financial sector, non-financial businesses and professions, and virtual asset service providers in the country.
The committee members also thanked the National Committee for Combating Money Laundering and Terrorist Financing, the Executive Office for combating money laundering and terrorist financing for the good preparation and coordination of this strategy.
In the meeting, Hamid Al Zaabi, Director General of the Executive Office for combating money laundering and terrorist financing, presented several key priorities related to the government's work to enhance the system for combating money laundering, terrorist financing, and the spread of armament in the UAE for the period of 2024-2027. Among these priorities is the adoption by the Supreme Committee of the second cycle of the National Risk Assessment, which was prepared using the World Bank methodology, and the implementation of the national plan approved by various sectors to execute the axes of the National Strategy to combat money laundering and terrorist financing.
The meeting discussed efforts in preparation for the mutual evaluation process with the Financial Action Task Force in the period from 2025 - 2027, focusing on key national initiatives that would demonstrate the effectiveness of the national system for combating money laundering and terrorist financing. This includes implementing the requirements of the new international standards adopted by the group, especially those related to the virtual asset sector and asset recovery, as well as developing a national database managed by the office aimed at collecting and analyzing information and statistics at the national level, tracking the performance and effectiveness of competent authorities, and using this information in the national risk assessment process, according to the Emirates News Agency "WAM."
