UAE anti-money laundering committee receives 8k questionnaires

The submission of more than 8,000 questionnaires reflects the private sector’s active engagement with risks related to money laundering and terrorist financing says a leading UAE figurehead.

Secretary-General and Vice Chairman of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) Hamid AlZaabi, 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.

AlZaabi noted that the reports submitted by financial and non-financial institutions, as well as the private sector, witnessed a 26 per cent increase in the year 2024, reflecting 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 also 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, 200 sub-goals, and over 1,000 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.''