The UAE has intensified its efforts to combat money laundering and terrorism financing, implementing measures to tackle financial crime in line with international best practices.
The nation has enacted legal measures and regulations to enhance its framework, aiming to establish a sustainable national system to combat illicit financial activities.
This system is designed to address emerging risks in the financial sector.
UAE bolsters anti-money laundering measures
Recent reclassifications of Financial Action Task Force (FATF) Recommendations 1, 19, and 29 reflect the UAE’s progress.
“The reclassification of the Financial Action Task Force (FATF) Recommendations 1, 19, and 29 reflects the progress made by the UAE and its steadfast commitment to the quality of its financial operations and the safeguarding of the global financial system. This also acknowledges the nation’s efforts in promoting financial transparency and meeting international standards related to combatting financial crimes,” WAM said in a statement.
The UAE continues to collaborate with the FATF and international partners to protect the global economy from financial crimes. The nation is implementing its National Strategy and Action Plan 2024–2027, with the goal of becoming a global leader in this field.
These efforts have led to improvements in global risk rankings. The London Stock Exchange Group’s Country Risk Classification rated the UAE’s risk level as “medium”, improving its global position by 13 places. The UAE’s overall score rose to 5.86.
In the Basel AML Index, the UAE’s FATF category score improved from 5.77 to 4.96, resulting in an overall score improvement from 5.74 to 5.43.
A UAE official commented, “We are committed to applying the highest standards of integrity and transparency in financial and trade oversight, further solidifying our global standing in the fight against financial crimes and illicit financing.”
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