UAE Establishes General Secretariat To Strengthen National Anti-Money Laundering Efforts

The United Arab Emirates (UAE) announced a plan to strengthen its Anti-money laundering (AML) framework to expand its scope and authority by introducing a new agency known as the “General Secretariat of the National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC)”.

According to an official press release, this plan is approved under the “Federal Decree by Law No. 7 of 2024”, to support the “objective of the UAE national strategy for AML /CFT/ CFP 2024-27.”

“It will also spearhead the implementation of policies aimed at combating money laundering, terrorism financing, and the proliferation of weapons of mass destruction, as well as defined related activities. These efforts further enhance the UAE’s commitment to ensuring the security and stability of its financial system and fostering economic prosperity.”

UAE Government

Collaborating closely with the Higher Committee, NAMLCFTC, and other relevant authorities, the General Secretariat will contribute to strengthening and modifying the UAE’s legal and institutional framework to ensure alignment with the most recent international recommendations and standards, set by the Financial Action Task Force (FATF), which involves the country’s technical performance assessments in combating financial crime.

The UAE government assigns the key role to the UAE’s General Secretariat,  in coordinating compliance efforts between public and private entities and among national authorities.

The General Secretariat will also have an important role in establishing global relationships. It will aim to develop the UAE’s strategic alliances with foreign partners, resulting in more effective efforts to combat financial crime and advance the UAE’s positive image worldwide.

The General Secretariat will also be responsible for performing technical & strategic tasks in the jurisdiction. The duties will include monitoring financial threats and national money laundering risk assessments to improve the UAE’s reputation at a global level.

According to a press release, AlZaabi also emphasized “consolidating the UAE’s leadership”, which is aligned with “UAE’s Economic Vision 2031,” to secure the UAE from cross-border illegal activities.

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On November 14, 2024,  the 7th UAE-EU meeting took place in Abu Dhabi to strengthen the AML/CFT regime in a jurisdiction. They exchange information to improve global cooperation & implement measures to combat money laundering.

Saeed Al Hajeri, Assistant Minister for Economic and Trade Affairs,  emphasized that the UAE is a “dynamic hub for trade, innovation & investment” and “one of the world’s fastest-growing economies.” Therefore, he also highlighted the importance of implementing AML measures in combating money laundering or terrorism financing.

These measures will promote transparency, improve security & enhance the “UAE’s global competitiveness”., he added.