UAE unveils comprehensive anti-money laundering strategy for 2024-2027

The UAE Cabinet has formally adopted a new National Strategy for Combating Money Laundering, Terrorism Financing and Proliferation Financing (AML, CFT and CPF) for the period 2024-2027. This strategic initiative, approved by the High Committee Overseeing the National Strategy, marks a significant enhancement of the UAE’s efforts to protect its financial system from illicit activities.

The updated strategy introduces a multifaceted approach to tackling money laundering, terrorist financing and proliferation financing. The aim is to strengthen the UAE’s legal and regulatory framework, align it with international standards and improve the effectiveness of its financial supervisory mechanisms. The move is part of the UAE’s ongoing commitment to maintaining a robust financial system and complying with global best practices in the fight against financial crime.

Key elements of the new strategy include enhanced coordination between national and international agencies, advanced data sharing practices, and the introduction of advanced technologies for monitoring and enforcement. The strategy emphasizes a risk-based approach, focusing resources and efforts on high-risk areas to maximize the impact of preventive measures.

The UAE is a prominent player in the global fight against financial crime and regularly updates its frameworks to reflect changing threats and international norms. The previous strategy, which covered the years 2020-2023, laid the foundation for significant improvements in the country’s anti-money laundering and counter-terrorism financing efforts. The new strategy builds on these achievements by addressing identified gaps and incorporating feedback from stakeholders in the financial sector.

The implementation of the 2024-2027 strategy will entail a series of legislative and procedural updates. These include amendments to existing laws, the introduction of new regulations, and enhanced training programs for financial institutions and law enforcement agencies. By fostering a culture of compliance and vigilance, the UAE aims to further secure its financial system and strengthen its reputation as a global financial hub.

International cooperation is a cornerstone of the new strategy. The UAE plans to strengthen its partnerships with other countries and international organizations to facilitate the exchange of information and best practices. This collaborative approach is essential to address the transnational nature of financial crime and ensure that the UAE’s measures are effective in a global context.

The UAE’s commitment to improving its anti-money laundering and counter-terrorism financing framework reflects broader global trends toward stricter regulation and greater transparency. As financial crimes become more sophisticated, countries around the world are reviewing their strategies to stay ahead of emerging threats. The UAE’s proactive stance underscores its determination to maintain a safe and compliant financial sector.

The adoption of the new strategy also highlights the UAE’s role in supporting international efforts to combat financial crime. The country has been an active participant in global initiatives and organizations that work to address these issues. By aligning its national strategy with international standards, the UAE contributes to a unified global response to financial crime.