UAE’s enhanced ratings in Global Anti-Money Laundering Risk Index enhance confidence in economic, financial sectors

 International credit rating agency Standard & Poor’s on Wednesday gave the United Arab Emirates (UAE) a new AAA rating stating that the country is heading for a financial sector surge.


A fresh seat that leaves no doubt as to UAE’A fresh seat that leaves no doubt as to UAE’s spirited stand against the vice of money laundering and financing of extremism in the region. country’s Global Risk Index rating has risen sharply. The over-arching High Committee for implementing AML/CTF as part of the National Strategy and Executive Office for AML/CTF bear testament to the UAE’s advances in the said field have been acknowledged globally .In light of its recent initiatives contributed a lot to the enhancement of the UAE rank in the Basel Anti-Money Laundering Risk Index by 16 places and this is a proof of the effectiveness of legal actions to combat money laundering and CTF activities. Looking at all these accomplishments, Hamid Alzaabi, Director General of EO AML/CTF, said that it proved the recognition around the world of the UAE’s commitment towards addressing these important issues. He mentioned that the current form of the national strategy is much broader and it should include numerous players starting from police to organizations of business.Alzaabi rightly opines that the UAE has defensive and multilayered approach towards dealing with financial crimes and this has not only positioned it in a much higher league internationally institutionally but also enforced a much more stringent domestic regulatory mechanism. The improved credit rating is a light indicator that the UAE will encourage business-friendly policies to ensure investors’ safety.The benefits that stem from the enhanced risk rating do not just end on acknowledgement in international forums. As reported above the investor confidence is likely to grow with the UAE enhancing investors’ confidence to invest more, to enable efficient international transactions and consolidating its posture on the international financial system.
As can be seen in this largest FFZ of the UAE, the positive impact emanating from the higher risk rating of the UAE cannot be underestimated. Emmanuel Givanakis, the Chief Executive Officer of the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) spoke of the progress and stated that the announcement is indicative of the country’s progress in enhancing the anti-money laundering / countering of terrorism financing.Based on this, it is apparent that the UAE is on an appropriate trajectory when it comes to introducing enhanced measures in this sphere and now it ofer is preparing for the subsequent steps in the sphere of its financial sector. By embracing an environment of sustainable development and collaboration, whilst ensuring effective measures are taken to combat and prevent such crimes, the UAE is well-placed to develop the necessary infrastructure to take its place among the pioneers of the world economy. 

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