Abdullah bin Zayed chairs committee for national anti-money laundering strategy

ABU DHABI / WAM

HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, chaired the 21st Meeting of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Counter Terrorism Financing. His Highness welcomed the Financial Action Task Force’s (FATF) decision to delist the UAE from its Grey List in February 2024. He also stressed the importance of the sustainability of the positive performance and progress achieved by the relevant UAE authorities to combat money laundering and counter terrorism financing (AML/CTF).
Sheikh Abdullah stressed that the UAE undertakes its responsibility in protecting the global financial system with upmost importance, and reaffirmed the UAE’s commitment to fighting financial crime at the global level and enhancing international cooperation, in addition to developing strategies to tackle emerging risks. Additionally, he reaffirmed 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 Anti-Money Laundering and Counter-Terrorist Financing Strategy (AML/CFT) for the period 2024-2027. The Higher Committee 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 (ML), Terrorism Financing (TF), and Proliferation Financing (PF) 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.
His Highness thanked the National Committee for Anti-Money Laundering, Counter-Terrorism Financing, and Financing Illegal Organisations, and the Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO for AML/CFT), for the successful preparation and coordination of the strategy.
During the meeting, Hamid Al Zaabi, Director-General of the Executive Office of Anti-Money Laundering and Counter Terrorism Financing, outlined several key priorities in the UAE’s ongoing efforts to combat money laundering, terrorism financing, and proliferation financing for the period 2024-2027.
Among the most prominent of these priorities was the Higher Committee’s adoption of the National Risk Assessment in its second cycle, developed according to the World Bank’s methodology. The priorities also include the effective implementation of the sector-specific plan as outlined in the National Strategy on Anti-Money Laundering and Counter Terrorism Financing.
The meeting also saw discussions on the preparations for the 2025-2027 Mutual Evaluation process by the Financial Action Task Force (FATF). The preparations discussed covered key initiatives to demonstrate the effectiveness of the UAE’s AML/CFT system, including the implementation of new international standards by FATF, particularly those related to virtual assets and asset recovery, and the development of national databases by the EO for AML/CFT to collect and analyse information and statistics, monitor performance and effectiveness of relevant authorities that would also feed into national risk assessments.
The meeting was attended by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; Abdullah bin Touq Al Marri, Minister of Economy; Shamma bint Suhail Al Mazrui, Minister of Community Development; Abdullah bin Sultan Al Nuaimi, Minister of Justice; Ahmed Ali Al Sayegh, Minister of State; Khaled Balama Altameemi, Governor of the Central Bank of the United Arab Emirates; Lt. Gen Talal Belhoul Al Falasi, Director-General of Dubai State Security; Ali bin Hammad Alshamsi, Secretary-General of the Supreme Council for National Security; and Lt. Gen Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police.
Saeed Al Hajeri, Assistant of the Minister of Foreign Affairs for Economic and Trade Affairs; Ibrahim Mohammed Al Zaabi, Deputy Head of State Security; Ahmed bin Lahej, Director-General of Customs at the Federal Authority for Identity, Citizenship, Customs, and Port Security; Aisha Yousef, Acting Undersecretary of the Ministry of Community Development; and Hamid Saif Al Zaabi, Director-General of the Executive Office of Anti-Money Laundering and Counter Terrorism Financing, were also present.