UAE's Commitment to Combating Financial Crime: Here fin: Brief key takeaways of the 21 st Meeting of the Higher Committee on AML/CTF

Pertinently, in a continuing push to enhance the global anti-money laundering and counter terrorism financing regime, His Highness Sheikh Abdullah recently presided over the 21st meeting of the Higher Committee on the National Strategy for Anti-Money Laundering and Counter Terrorism Financing. This important meeting underlined the UAE’s steady commitment to stemming financial crime, boosting global collaboration, and improving the UAE’s and other countries’ techniques for addressing new threats.

Reinforcing Global Financial Security
Sheikh Abdullah took the chance to underscore a severe interest of the UAE in shielding the world’s financial order. This task is not limited by the national contexts, which underlines the UAE’s efforts to combat financial crime in the international arena. The UAE’s endeavours are not confined to nation- centred values but do comprise international counterparties thereby demonstrating the nation’s commitment to enhance global financial stability.This paper presents the following points that emerged from the meeting:
Strategic Vision for 2024-2027:
The meeting also endorsed the preparation of activities to enhance the National AML and CTF Strategy for the year 2024-2027 which is to be submitted to the Cabinet of the UAE. This strategy seeks to consolidate all the successes that has been realized under the 2020-2023 strategy in as far as AML/CTF is concerned and continue improving the nation’s framework.Comprehensive Supervisory Framework:
The new strategy involves a new supervisory approach that looks into the future. This framework will help paint a better picture on Money Laundering, Terrorism Financing, and Proliferation Financing risks. Its objective is to harmonize the UAE’s laws and regulations with the best practices of developed countries while making sure that the country possesses adequate and efficient means of dealing with crises.Enhanced Risk-Based Supervision:Out of all the outlined elements, risk-based supervision is one of the central parts of the strategy. It also involves financial institutions, designated non-financial businesses and professions, and virtual assets service providers. Based on the risk sensitive approach adopted by the UAE the funds are properly availed to regions of highest risk in order to boost the efficiency of the AML/CTF.International Cooperation and Partnerships:
The UAE remains focused on multilateralism that increases its collaboration with foreign counterparts in combating financial crime. This entails the exchange of information and practices, and coordination of activities in fighting cross-border threats within the context of money laundering.Commitment to Continuous Improvement
Last week Sheikh Abdullah re-emphasised that the UAE shall remain actively striving to defend its financial system. This means that while working on the maintenance of each measure it is possible to work on its improvement, as well. The commitment of the UAE authorities at a high level to develop and improve the AML/CTF national framework proves the countries’ activity in addressing emerging risks and threats.The endorsement of and the planned implementation of the Nationa AML and CTF Strategy for 2024-2027 represent a progressive advancement in the UAE’s crusade against financial crime. Since the UAE aims at developing a global perspective of AML/CTF regulation, the focus on the optimal, risk-based, and internationally aligned model could provide the UAE with the needed boost in this sphere.The 21st Meeting of the Higher Committee Overseeing the National Strategy on AML/CTF stressed on the UAE’s serious intent towards the global financial stability. With sufficient planning, cooperation with other countries, and sustained enhancement, the UAE has the potential to become one of the front-line countries, to fight with financial crime and attempt to create a safer environment in the financial sector.