UAE reviews progress in efforts to combat money laundering

The UAE's Higher Committee Overseeing National Strategy on Anti-Money Laundering and Countering Financing of Terrorism held a meeting at Expo 2020 Dubai that briefed members on the latest developments and the positive progress being made in the nation's fight against illicit financial activities.

Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, chaired the meeting, which reviewed the progress made in recent months and the institutional capabilities set out in the UAE’s National Risk Assessment, National Action Plan and National Strategy for AML/CFT.


"The UAE continues to take its role in protecting the integrity of the global financial system extremely seriously," Sheikh Abdullah said. Khaled Balama Altameemi, governor of the Central Bank of the UAE and chairman of the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations, briefed the committee members.

The UAE has been working closely with the Financial Action Task Force, the intergovernmental body that sets international standards on AML/CFT, to ensure the nation's legal, regulatory and operational standards not only meet global standards for safeguarding the financial system, but are also sustainable over the long term.

The committee was pleased to see the technical compliance and effectiveness of the many measures put in place by the UAE. In particular, the committee commended the country's intensive, whole-of-government efforts to enhance its AML-CFT framework and to address each of the recommended actions identified in the UAE’s FATF Mutual Evaluation Report across the 10 immediate outcomes.

Wam reported that the meeting was attended by Abdullah Sultan Al Nuaimi, Minister of Justice; Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs; Hessa bint Essa Buhumaid, Minister of Community Development; Abdullah bin Touq, Minister of Economy; Ahmed Al Sayegh, Minister of State; Lt Gen Talal Al Falasi, director general of the State Security Department in Dubai; Lt Gen Abdullah Khalifa Al Marri, commander in chief of Dubai Police; Ibrahim Mohammed Al Zaabi, director general of the State Security Service; Ahmad bin Lahej Al Falasi, director general of the Customs-Federal Authority for Identity, Citizenship, Customs and Port Security; and Hamid Saif Al Zaabi, director general of the Executive Office to Combat Money Laundering and Terrorist Financing.