UAE Takes A Competitive Approach To Combat Money Laundering And Terrorism Financing

Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of the United Arab Emirates and Ruler of Dubai, declared on 2 September 2024 that the country has approved a national strategy for “combating money laundering, terrorism financing, and arms proliferation.”

Under the guidance of the Dubai Ruler, the statement was made at the “first meeting of the new government season.”

Focus of New National Strategy

Sheikh Mohammed mentioned that this targets to “ensure the sustainability of oversight of financial institutions and virtual asset service providers in order to consolidate the principles of governance and transparency in our national economy.”

UAE Financial Statistics

The unified government financial statistics for 2023 were accepted in today’s cabinet session. They have shown that “Government earnings” had reached “Dh546 billion”, while the total spent money had achieved “Dh402 billion” amount.

“Public security and safety, health, education, economic affairs, social protection, housing, and utilities” were the main sectors in which the government spent money.

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Academic Progression Highlight

Additionally, Sheikh Mohammed mentioned in a social media post that during a discussion session at Qasr Al Watan in Abu Dhabi, they were also communicated about the “successful start of the new academic year by following the latest update of schools in the United Arab Emirates enrolling 1.1 million students.”

He stated, “Studies began successfully in our national and private universities and the educational field welcomed the beginning of the year with clear directives from my brother, the President of the State. May God protect him.”

“We look forward to a successful academic year and an educational path capable of meeting the aspirations of the nation,” He added.

New Approval and Effective Partnership

Another progress has been achieved by approving the reorganization of the Supreme Committee for “Free Trade Negotiations” and the Participation of UAE in an international league known as  “the Nationally Determined Contributions Partnership”

This partnership seeks to provide the required tools for climate change adaptation and focuses on achieving stable ongoing development targets as per the report.

Furthermore, according to the Dubai Ruler’s announcement, the annual meetings related to the UAE government are scheduled to take place on November 5 and 6, 2024, in Abu Dhabi.

These meetings will target three main agendas: “family, national identity, and artificial intelligence”.

Dubai improves AML/CFT measures

As part of its ongoing effort to combat financial crimes such as money laundering and terrorism financing, Dubai is taking significant action to improve its regulatory framework.

These competitive approaches of UAE  for robust AML/CFT compliance ensure its commitment to sustain transparency and security in the financial sector.