Financial Crime World

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Combating Money Laundering and Terrorist Financing in the United Arab Emirates (UAE)

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The United Arab Emirates (UAE) has been actively working to combat money laundering and terrorist financing through various means, including international cooperation, regulatory frameworks, and national strategies. In this article, we will summarize the key points on AML/CFT efforts in the UAE.

International Cooperation

Collaborations with International Organizations

  • The UAE government collaborates with international organizations such as:
    • United Nations (UN)
    • Financial Action Task Force (FATF)
    • Middle East and North Africa Financial Action Task Force (MENA FATF)
    • Egmont Group of Financial Intelligence Units
  • These collaborations aim to combat money laundering and terrorist financing globally.

Regulatory Framework

Legislative, Regulatory, and Institutional Framework

  • The UAE has established a comprehensive legislative, regulatory, and institutional framework to prevent, detect, and deter financial crimes.
  • This framework includes laws, regulations, and institutions that work together to combat money laundering and terrorist financing.

National AML/CFT Strategy

Implementing Internationally Accepted Standards

  • The UAE has developed a national strategy to combat money laundering and terrorist financing.
  • The strategy focuses on implementing internationally accepted standards recommended by:
    • FATF
    • MENAFATF
    • Other Financial Stability Regulatory Bodies (FSRBs)

Global Impact

Significance of Money Laundering and Terrorist Financing

  • Money laundering and terrorist financing are significant global threats that affect the security, stability, and integrity of the economic and financial system.

UAE Commitment

Focus on Preventing, Detecting, and Deterrent Measures

  • The UAE is committed to combating money laundering and terrorist financing through effective measures.
  • The focus is on preventing, detecting, and deterring these crimes to maintain the security, stability, and integrity of the economic and financial system.