Financial Crime Investigation Techniques in UAE Receive Global Acclaim as Country Begins Next FATF Mutual Evaluation Report

The United Arab Emirates has made significant strides in combating financial crimes, with the country set to begin its next Mutual Evaluation Report (MER) of the Financial Action Task Force (FATF) in 2026. According to Hamid Al Zaabi, Director-General of the Executive Office for Anti-Money Laundering and Counter Terrorism Financing (AML/CFT), the UAE has established a sophisticated monitoring and reporting system using digital tools, involving more than 90 national entities.

FATF Recognition

The country’s efforts have been recognized by the FATF, which announced today that the UAE has completed all 15 recommendations of its Action Plan. This achievement is a culmination of tireless efforts from various federal, local, and private sector entities in the country, Al Zaabi said.

International Cooperation

In addition to its domestic efforts, the UAE has also increased its international cooperation through Mutual Legal Assistance Treaties (MLATs), signing 45 treaties so far with more expected this year. The country has also sent over 200 outgoing MLAT requests between January and October 2023 to facilitate investigations into terrorist financing, money laundering, and predicate crimes.

Financial Information Exchange System

The UAE’s financial information exchange system has also seen significant improvement, with an increase in the participation of all sectors in submitting suspicious transaction/activity reports (STRs). The Designated Non-Financial Businesses and Professions (DNFBP) sector achieved a 266 percent increase in STRs, while the real estate sector increased its STRs by 106 percent.

Law Enforcement Measures

In terms of law enforcement measures, the value of fines imposed by regulatory authorities in the field of AML/CFT between January and October reached AED 249.2 million, compared to AED 76 million in 2022, a three-fold increase. Regulatory authorities also collected over AED 10 million in fines imposed as targeted financial sanctions between July and October 2023.

Regional and International Cooperation

The Executive Office has also been actively involved in regional and international cooperation, heading official delegations to the United States of America, the Republic of Singapore, and the Republic of Serbia, as well as participating in annual meetings of regional bodies such as the FATF, the Asia Pacific Group (APG), and the Eurasian Group (EAG). The UAE will host the APG Annual Meeting in Abu Dhabi in September next year, a first for the region.

Memoranda of Understanding

Memoranda of Understanding (MoUs) have also played a key role in exchanging best practices between countries, with the Executive Office signing MoUs with its counterparts in the Arab Republic of Egypt, the Kingdom of Morocco, and the Republic of Kazakhstan to enhance bilateral cooperation.

National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism

The UAE’s next National Strategy on Anti-Money Launderling and Countering the Financing of Terrorism, covering the period 2024-2027, is expected to be launched soon. The results and recommendations of the latest National Risk Assessment (NRA), which began last year with the support of the World Bank Group, are also expected to be announced later this year.