UAE reaffirms commitment to strengthening AML/CFT regulations and measures to combat financial crime

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The UAE has reaffirmed its ongoing commitment and efforts to strengthen its regulatory framework in relation to anti-money laundering (AML) and counter terrorist financing (CFT).

In line with international standards and National Strategy of the AML/CFT, UAE authorities are continuing to maintain and implement effective sanctions with robust screening systems and processes, to ensure the integrity, safety and security of the global financial system.

To date, effective measures and proactive regulatory action for protecting the nation’s financial environment have been implemented by the competent UAE authorities, including the Central Bank of the UAE; Securities and Commodities Authority; Ministry of Economy; Ministry of Justice; Abu Dhabi Global Market; and the Dubai Financial Services Authority, as well as close inter-agency cooperation.

As a nation that has become an important global financial center for doing business, the UAE has reiterated its commitment in working with the international community to combat financial crime and remind businesses of their obligations in relation to international sanctions programmes.

Hamid Al Zaabi, Director General of the UAE Executive Office for Anti-Money Laundering and Counter Terrorist Financing, said, "As a global commercial hub, the UAE is open to businesses and entrepreneurs from all over the world. At the Executive Office for AML/CFT, our objective is to continuously strengthen the UAE’s framework for combatting financial crime."

On the regulatory front, Al Zaabi added, "We are actively advancing our approach, offering a stable and effective system of regulation and enforcement in line with international standards, working with the business community to ensure they can comply and thrive in an attractive and resilient environment."

Talal Mohammed Al Teneiji, Director of the Executive Office for Control and Non-Proliferation said, "As a responsible member of the international community, the UAE is committed to securing the stability and integrity of the country’s economy through the application of targeted financial sanctions. That is why at the Executive Office for Control and Non-Proliferation, we work closely with the UAE supervisory authorities and the private sector to implement targeted financial sanctions and combat sanctions evasion, in line with international obligations and best practice.”