In early September 2024, the United Arab Emirates (UAE) implemented new legislation as part of its 2024-2027 National Strategy for Anti-Money Laundering and Countering the Financing of Terrorism. The strategy includes an 11-point plan to enhance compliance mechanisms and international cooperation, particularly with the Financial Action Task Force (FATF), the body responsible for issuing global guidance on money laundering controls.
The plan also focuses on addressing recent challenges such as cybercrime and the misuse of virtual assets. Two key committees have been established to oversee and streamline the processes: the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism, and the Supreme Committee for the national AML strategy.
In good news for compliance teams, particularly those with operations or clients in the UAE, the moves signal a significant shift towards a more robust and internationally coordinated anti-money laundering and counter terrorist financing framework in the UAE.
Compliance leaders should proactively ensure that their compliance teams are aware of the UAE's increased focus on cybercrime and the misuse of virtual assets, prepare for more streamlined interactions with UAE regulatory authorities and consider the implications of the UAE's strengthened international cooperation on their global compliance strategies.