UAE Endorses National Strategy to Combat Money Laundering and Terrorism Financing

 


The UAE Cabinet has endorsed a comprehensive National Strategy for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) for 2024-2027. The strategy, approved during a Cabinet meeting chaired by Sheikh Mohammed bin Rashid in Abu Dhabi, aims to reinforce the country's financial security and align with global efforts to combat economic and financial crimes.

This new strategy emphasizes sustainable oversight of financial institutions and virtual asset service providers. It seeks to enhance governance, transparency, and the utilization of financial information to support investigations. Additionally, the strategy aims to improve transparency around real beneficiaries and prevent the misuse of legal entities.

The strategy outlines 11 national strategic goals focusing on key areas such as oversight, international cooperation, governance, and transparency. By implementing these goals, the UAE aims to bolster its financial system's security and continue its commitment to global standards in combating financial crimes.

The UAE's robust legal and regulatory framework underpins this strategy, ensuring that the nation remains at the forefront of efforts to prevent money laundering and terrorism financing.

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