The UAE is pushing for major progress in the continuing fight against money laundering and counter-terrorism financing as it captured assets worth more than AED2.348bn ($639m) last year for rule breaches. Hamid Al Zaabi, Secretary-General of the National Committee for Anti-Money Laundering and Countering the Financing of Terrorism and Financing of Illegal Organisations (NAMLCFTC), highlighted the UAE’s significant progress in combating financial crimes.

This commitment is sought to preserve the goodness and sustainability of the nation’s financial and economic system, as well as safeguard the global financial system. Speaking on the sidelines of the 2024 Asia Pacific Group on Money Laundering (APG) Annual Meeting and Technical Assistance and Training Forum, held in Abu Dhabi, Al Zaabi stressed recent amendments to anti-money laundering and counter-terrorism financing regulations.

These amendments have supported the national sustainability system and enhanced its efficiency in managing emerging threats, reinforcing the UAE’s position as a foremost international financial and commercial centre. In 2023, the UAE set fines exceeding AED254m ($69m) related to money laundering and grabbed assets valued at more than AED2.348bn ($639m) for breaches of anti-money laundering practices and procedures.

He stated that the Central Bank of the UAE guided more than 115 field inspections, setting fines of nearly AED113m ($31m) last year, while the Ministry of Economy executed 3,371 field inspections, setting fines amounting to AED101m ($27m) in 2023. The number of questionable activity reports related to the gold sector rose from 223 in 2021 to 6,432 in 2023, demonstrating heightened awareness and vigilance.

Earlier this week, the National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC), headed by Khaled Mohamed Balama, Governor of the Central Bank, reported that, according to a UAE Cabinet resolution, the NAMLCFTC will supersede the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism (The Executive Office) in all rights and commitments. The resolution also specifies that all employees of the Executive Office shall be assigned to the NAMLCFTC, with Hamid Saif Al Zaabi to be designated Secretary-General of the NAMLCFTC.

Khaled Mohamed Balama, Governor of the Central Bank and Chairman of the NAMLCFTC stated: “The UAE’s actions towards anti-money laundering and combating the financing of terrorism are based on an integrated course that reflects the vision of the leadership and the orders of the Supreme Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, and on an useful national system and a strong legal and institutional framework.

The decision contributes to boosting the UAE to further strengthen its national system, build a robust and sustainable national structure to combat money laundering and terrorist financing, converge local institutional capabilities and ensure their sustainability.”