ABU DHABI (WAM)
The UAE’s National Anti-Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) hosted a collaborative workshop with the Cooperation Council for the Arab States of the Gulf (GCC), counterparts to discuss the Financial Action Task Force (FATF) grey list process.
Representatives from GCC General Secretariat, the UAE and their counterparts from the Kingdom of Saudi Arabia, Sultanate of Oman, Kingdom of Bahrain, State of Kuwait, and State of Qatar participated in the three days workshop, focusing on the UAE model and experience in enhancing national anti-money laundering (AML) and counter-financing of terrorism (CFT) measures.
The event featured presentations by Emirati competent authorities, including the NAMLCFTC, law enforcement agencies, supervisory authorities, the Financial Intelligence Unit (FIU) and other relevant agencies.
Each agency provided insights on the eleven FATF Immediate Outcomes (IOs), which set global standards for AML/CFT effectiveness. Additionally, the UAE shared its national experiences in Targeted Financial Sanctions (TFS), Proliferation Financing (PF), and cybersecurity to highlight its comprehensive approach to AML/CFT.
As the UAE was removed from the FATF grey list in February 2024 after swiftly completing its Action Plan in under two years, Emirati officials shared their journey and best practices with attendees.
Hamid Saif AlZaabi, Secretary General and Vice Chair of NAMLCFTC, urged participants to view the grey list process as an opportunity to fortify their AML/CFT frameworks.
He commented, "Effectiveness is the key to beating criminal networks. When people ask about the UAE’s journey, I am most proud of the outcomes: higher-quality investigations, more extraditions, stronger enforcement, increased asset seizures, and, crucially, the development of a new generation of dedicated Emirati professionals. Our work throughout this process has laid the foundation for a long-term, sustainable AML/CFT system, and we continue to build on this success with our latest National Risk Assessment and the launch of a bold new National Strategy for 2024-2027."
Highlighting the UAE's commitment to strengthening its AML/CFT infrastructure, AlZaabi noted recent institutional reforms, including the restructuring of the NAMLCFTC to streamline domestic processes and enhance the Committee's effectiveness in countering financial crime.
The workshop underscored the UAE's commitment to regional cooperation in AML/CFT, setting an example for GCC countries and reinforcing the UAE’s status as a global leader in fighting financial crime.