1. Legislative and Regulatory Reforms to Combat Financial Crimes
2. Focus on Digital Assets and Virtual Currencies
3. Enhancing International Cooperation and Compliance

Following the approval of the UAE Cabinet on September 2, 2024, the UAE has launched its 2024-2027 National Strategy for Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Proliferation Financing (CPF). This comprehensive strategy is designed to enhance the country’s ability to combat financial crimes and maintain alignment with international standards.

Legislative and Regulatory Reforms to Combat Financial Crimes

The newly launched strategy is built around 11 strategic goals, focusing on enhancing legislative and regulatory reforms to prevent the impact of illegal activities on society. The General Secretariat of the National Committee, in collaboration with key stakeholders, has developed the strategy using insights from the National Risk Assessment, ensuring that it aligns with the highest international standards.

Focus on Digital Assets and Virtual Currencies

As the financial landscape evolves with the rise of digital assets and virtual currencies, the UAE’s new strategy acknowledges the unique risks posed by these technologies. The UAE government has included specific measures within the strategy to ensure that virtual currencies are not exploited for illicit activities. The strategy emphasizes the importance of risk-based compliance for entities operating within the digital asset space and highlights the need for continued development of regulatory frameworks to keep pace with technological advancements.

Enhancing International Cooperation and Compliance

The strategy also places a strong emphasis on enhancing international cooperation and strengthening information-sharing mechanisms between national and international partners. This will ensure that the UAE remains aligned with global best practices in combating money laundering and terrorism financing, particularly in the face of modern technological threats such as cybercrime and virtual assets.

The UAE’s 2024-2027 National Strategy for AML/CFT/CPF sets a robust foundation for addressing the challenges posed by both traditional and digital assets. By fostering collaboration between the public and private sectors and enhancing international partnerships, the UAE is well-positioned to remain a global leader in the fight against financial crimes.