Today's Edition
ABU DHABI (WAM)
Hamid AlZaabi, Secretary-General and Vice Chairman of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC), said that private sector and financial institutions are considered key partners in delivering the UAE’s AML/CFT programme and completing the National Risk Assessment (NRA) process.
He noted in this regard the submission of more than 8,000 questionnaires that reflected the private sector’s active engagement with risks related to money laundering and terrorist financing in a way that contributed to raising societal awareness in this area.
In statements to the Emirates News Agency (WAM), AlZaabi noted that the reports submitted by financial and non-financial institutions, as well as the private sector, witnessed a 26% increase in the year 2024. This reflects, he said, the strengthening of collective understanding of these risks.
He stated that the UAE's NRA led to significant legal amendments, including the 2024 update to the UAE’s Anti-Money Laundering Law, to address evolving financial crime trends.
AlZaabi noted that virtual assets remain a high-risk category globally and that the UAE continues to enhance its financial sector’s performance through deep and comprehensive risk understanding. "This ongoing effort strengthens the country's ability to adapt to future financial challenges.”
The previous NRA played a key role in advancing progress in 2024 in this regard, culminating in the launch of the National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing for 2024-27. The strategy outlines 11 primary objectives, 50 sub-goals, and over 250 initiatives aimed at achieving its targets by 2027, reinforcing the UAE’s global leadership in this field, he added.
AlZaabi reaffirmed the UAE’s commitment to updating national regulations and policies to align with international best practices, ensuring readiness for the International Financial Action Task Force (FATF) mutual evaluation, which will start at the end of the year.
He further highlighted that these efforts have led to continuous policy and legislative updates, helping maintain the stability of both the national and global financial systems. The UAE, he stressed, remains proactive in addressing emerging challenges and strengthening its position as a global leader in combating financial and economic crimes.
AlZaabi continued, ‘The strategy goes beyond legal aspects, encompassing economic, security, and media dimensions, as well as capacity-building efforts.''
He hailed in this regard the appointment of Emirati professionals in regulatory, security, and enforcement bodies, opening new career opportunities in the private sector for UAE nationals.
AlZaabi noted that the national risk assessment update, conducted in partnership with the World Bank Group and based on FATF-approved methodology, produced exceptional results by identifying key challenges and opportunities. This update has been translated into sustainable action plans, covering critical sectors such as financial services, virtual assets, and non-profit organisations, he indicated.
As the Vice Chair of the Middle East and North Africa Financial Action Task Force (MENAFATF) in 2025, AlZaabi drew attention to the UAE’s vital role in providing technical support, conducting training workshops, and sharing expertise with regional countries. This Emirati contribution, he said, enhances these countries’ preparedness for FATF assessments under the updated evaluation methodology.
He stressed that the UAE remains a key player in combating global financial crimes, including drug-related and financial fraud crimes, through strict preventive measures. In this regard, the country has held high-level discussions with major international partners, including the United States and France to formulate global strategies against these crimes. Further meetings with the European Union and other nations are planned to bolster these collaborative efforts, he added.
AlZaabi reiterated the UAE’s commitment to financial and economic stability worldwide, emphasising its innovative approach and international cooperation in combating financial crimes: "Through comprehensive preventive measures, the UAE continues to foster a stable and secure economic environment for all.”
