Abu Dhabi September 30 2024: The United Arab Emirates has intensified its efforts to combat money laundering and terrorism financing, implementing effective measures to tackle financial crime in line with international best practices, further solidifying its global standing in the fight against financial crimes and illicit financing.
In this context, the UAE is continuing its drive to enhance its position as a competitive economic hub, applying the highest standards of integrity and transparency in financial and trade oversight. The nation has reinforced its commitment to combatting money laundering and countering the financing of terrorism by enacting robust legal measures and regulations to enhance its legal and regulatory framework.
The UAE has focused on establishing a long-term, sustainable national system to combat money laundering and terrorism financing, equipped with the necessary capacities to address emerging risks. 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.
The UAE continues to work closely with the FATF and other international partners to protect the global economy and international community from the risks of money laundering and terrorism financing. The country is seeking to become a global leader in this field through the implementation of its National Strategy and Action Plan 2024–2027.
In recent years, the UAE’s efforts have led to improvements in global risk rankings. According to the London Stock Exchange Group’s Country Risk Classification, the UAE’s risk level was rated as “medium”, raising its overall score to 5.86 and improving the country’s global position by 13 places.
Similarly, the UAE has seen significant improvement in international rankings, including the Basel AML Index, with its FATF category score improving from 5.77 to 4.96, resulting in an overall score improvement from 5.74 to 5.43.
