UAE Strengthens Financial Integrity with New Anti-Money Laundering Committees

The UAE has boost its progress in combating financial crime following the new formations of anti-money laundering committees. This reveals a stand of the country to preserving the financial sector and strengthening cooperation in the fight against illicit flows.

Establishing the Executive Office

The UAE Cabinet has approved the establishment of the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT). This office will oversee the implementation of the UAE’s National AML/CFT Strategy and National Action Plan. Hamid Al Zaabi has been appointed as the Director-General of the Executive Office, which will report directly to the Higher Committee overseeing the UAE’s National AML/CFT Strategy, chaired by His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation.

The Executive Office’s primary responsibilities include improving national and international coordination and cooperation on AML/CFT issues, enhancing legislative frameworks, and increasing information sharing between law enforcement agencies and the private sector.

Advanced Technological Tools

In this regard, several Technological tools that are aimed at detecting as well as preventing financial crimes have been adopted by the UAE. Such tools include the goAML for the submission and analysis of banking suspicious reports and the IEMS that acts as the means of secure communication between the financial institutions and the regulatory agencies.

Moreover, the ‘Fawri Tech’ program deals with problems connected with the spread of the weapons of mass destruction and the ‘Declare’ program regulates cash and valuable items’ circulation across the border.

International Recognition and Cooperation

Below are some of the efforts that the UAE has made towards countering money laundering to deserve its appreciations by the FATF; The UAE has ensured that it adapts its frameworks to the international standards. These efforts are intended to be consolidated by new Executive Office programmes, which are employed to seek an even greater synergy in collaboration with regional and international counterparts, such the Gulf Cooperation Council and G20.

These committees as well as the use of these enhanced instruments indicate that the UAE is not passive in the struggle against financial crime. They also ensure the integrity of the country’s financial system as well as the global financial system in light of the country’s sustained investment in improving the AML/CFT systems.