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UAE National Risk Assessment enters its final phase with World Bank Group workshop

UAE National Risk Assessment enters its final phase with World Bank Group workshop
7 May 2024 14:50

ABU DHABI (WAM)


The United Arab Emirates has entered the final phase of its latest National Risk Assessment (NRA) with the conclusion of the third and final workshop, carried out with the support of the World Bank Group (WBG).

The workshop, which lasted four days in Abu Dhabi, was attended by officials and specialists, policymakers from government agencies, and representatives of the private sector.

The Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF) leads the national risk assessment process with various stakeholders. The evaluation provides the UAE with an in-depth understanding of its Money Laundering (ML)/Terrorism Financing (TF) and Proliferaton Financing (PF) risks to effectively implement measures to combat these crimes and mitigate their risks.

Commenting on the conclusion of the workshop, Hamid AlZaabi, Director-General of the EO AML/CTF, said, "The UAE has followed the best international practice carrying out this NRA, which is a foundational part of national AML/CFT systems stipulated by the Financial Action Task Forces's (FATF) Recommendation 1.

Over 18 months, dedicated professionals across the Emirates have undertaken significant and comprehensive work to identify and assess the ML/TF/PF risks within the UAE.

Implement Plan Over Months, Years


"Now the learnings made during this period have been incorporated into the development of a risk-based action plan that will be implemented over the coming months and years. We have raised the level of knowledge through the country's experience gained from the previous NRA process and the country's mutual assessment report, which will allow the country to continue strengthening the actions and measures taken to combat various financial crimes".

Iva Hamel, Resident Representative of the World Bank Group, noted that, "We are pleased to have supported the UAE's Executive Office for Anti-Monday Laundering and Counter Terrorism over the last two years with the NRA which is an important update for the risk-based approach to AML/CFT. "

This period, she said, also marked the authorities' successful completion of the action plan agreed with FATF, which is a testimony to the UAE's progress with AML/CFT reforms.

The NRA was launched in 2022 with the participation of 86 organisations and the creation of eight working groups. These working groups were headed: Money Laundering (ML) Threat; Terrorism Financing (TF) Risk; ML/ TF National Vulnerability; Banking Sector; Other Financial Institutions; Designated Non-Financial Businesses and Professions (DNFBPs); Legal Persons risk; and Non-Profit Organisations Risk.

The first workshop took place in October 2022, with a second held in July 2023 before this week's concluding session.

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