The UAE has unveiled a new national strategy to combat money laundering and terrorism financing, developed in collaboration with the public and private sectors.

The 2024-27 strategy, approved by the UAE Cabinet on September 2, focuses on addressing virtual assets, mitigating cybercrime risks, and reinforcing the importance of robust financial regulations.

Formulated around 11 strategic goals, the UAE’s 2024-27 strategy outlines key legislative and regulatory reforms to curb illegal activities. The plan emphasizes risk-based compliance, sustainability, and the effective use of human and technical resources while enhancing data collection and legal frameworks to address evolving threats.

It also addresses the growing risks posed by virtual assets and cybercrime, strengthens international cooperation, and tightens oversight of financial institutions. Additionally, the strategy seeks to optimize financial data for investigations, maintain robust anti-terrorism financing measures, and foster collaboration between the public and private sectors.

The General Secretariat of the National Committee will oversee the implementation of the UAE’s new anti-money laundering and counter-terrorism financing (AML/CFT) strategy, ensuring it aligns with international standards and providing regular updates to the Higher Committee. This initiative follows the UAE’s removal from the FATF Grey List in February, reinforcing the nation’s commitment to maintaining global standards.

Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Chairman of the Higher Committee, emphasized the UAE’s unwavering dedication to strengthening its AML/CFT framework to safeguard the integrity of its financial system.

“This was most recently evidenced by the issue of a Federal Decree in August, which aligns with the national strategy launched to protect the local financial ecosystem, to implement ground-breaking standards to counter crimes that adversely affect countries’ economies,” he added.

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