WHAT DINA THINKS: UAE’S Anti-Money Laundering and Counter-Terrorism Financing Efforts

Hi expats! Good news for everyone!

The UAE has successfully completed all 15 recommendations of the Financial Action Task Force (FATF) action plan, leading to its removal from the ‘grey list’ of countries at risk of illicit money flows. This accomplishment shows that the UAE is committed to upholding international standards and reaffirming its position as a global economic and investment hub.H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and Chairman of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, attributes this success to the efforts of various ministries, the federal government, and local entities. The achievement is a commitment to combatting financial crimes and ensuring the integrity of the global financial system.Sheikh Abdullah emphasizes the UAE’s adherence to international laws and conventions, a crucial step in safeguarding the global financial system. This commitment sends a strong message about the UAE’s dedication to maintaining the highest standards in financial practices.The UAE’s journey to enhance its anti-money laundering measures aligns with its broader strategy of attracting foreign investment. The country is intensifying financial investigations, and these efforts aim not only to strengthen the financial sector but also to create a conducive environment for foreign direct investments (FDIs).






Efforts to improve anti-money laundering measures were spearheaded by the Minister of Foreign Affairs, H.H. Sheikh Abdullah bin Zayed Al Nahyan, who also happens to be the brother of President Mohamed bin Zayed Al Nahyan. This leadership underscores the high-level commitment to the cause and signals a top-down approach to combating financial crimes.Khalid Mohammed Salem Balama Al Tamimi, Governor of the Central Bank of the UAE, highlights the country’s commitment to combatting money laundering and terrorism financing through a risk-based regulatory approach and international cooperation. Additionally, Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), underscores the effectiveness of the UAE’s Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) framework, reinforcing the resolution by the FATF.The FATF’s acknowledgment of the efforts of various UAE authorities, particularly led by the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing, further validates the country’s commitment to meeting and exceeding international standards. As the UAE celebrates this milestone, the Chairman of ADDED highlights Abu Dhabi’s conducive environment, abundant investment prospects, and robust policies that attract significant players in various sectors.I think that the UAE’s removal from the FATF ‘grey list’ reflects the nation’s dedication to combating financial crimes and ensuring a transparent and secure global financial system. The collaborative efforts of various entities are a commitment to international standards. As the UAE continues to strengthen its position as a global economic hub, its commitment to combating money laundering and terrorism financing sets a commendable example for nations worldwide.

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