Sun 29 Sep 2024
The country has implemented a series of legal reforms and regulations to strengthen its infrastructure, creating a robust system dedicated to eradicating illegal financial activities.
This proactive system is tailored to mitigate the evolving risks within the financial sector.
UAE Enhances Measures Against Money Laundering
According to a statement from WAM, “The reclassification of FATF Recommendations 1, 19, and 29 underscores the UAE’s dedication to enhancing the quality of its financial operations and safeguarding the global financial system. It also recognizes the UAE’s efforts in boosting financial transparency and adhering to international standards to combat financial crimes.”
The UAE remains actively engaged with the FATF and international partners to fortify the global economy against financial crimes. It is vigorously implementing its National Strategy and Action Plan for 2024–2027, aiming to position itself as a world leader in this domain.
These initiatives have led to notable improvements in global risk assessments. The London Stock Exchange Group’s Country Risk Classification now ranks the UAE’s risk level as “medium,” marking a rise of 13 places with an overall score of 5.86.
In the Basel AML Index, the UAE’s FATF category score improved from 5.77 to 4.96, enhancing its overall score from 5.74 to 5.43.
A UAE official stated, “Our commitment to the highest standards of integrity and transparency in financial and trade oversight continues to reinforce our position as a global leader in combating financial crimes and illicit financing.”