The Executive Office for Combating Money Laundering and Counter-Terrorism Financing publishes its first edition of its 2023 annual report – UAE

On By Rgal Nv

The Executive Office to Combat Money Laundering and Counter-Terrorism Financing (EO AML/CTF) has released its annual report for the first time, providing an in-depth overview of the UAE’s robust efforts and strategic initiatives in the fight against against the financing of terrorism. crime to safeguard the integrity and sustainability of its financial and economic systems.

The report highlights the progress made by the UAE in combating money laundering and terrorist financing. It describes the roles of national entities, including the Higher Committee responsible for overseeing the national strategy to combat money laundering and the financing of terrorism, and the EO AML/CTF as national coordinator, alongside various entities, committees and working groups of supervisory authorities and law enforcement. agencies that contribute to and improve the effectiveness and sustainability of the national AML/CFT framework.

Commenting on the release of the annual report, Hamid AlZaabi, Director General of the EO AML/CTF, said: “With our 2023 Annual Report, we reaffirm the UAE’s dedication and commitment to transparency, international cooperation and continuous improvement in the fight against financial risks. crime. The UAE remains committed to its mission of maintaining financial integrity, protecting the global financial system and contributing to international security and stability. I am confident that the detailed information contained in this EO AML/CTF report is of interest and value to our national stakeholders and international partners, demonstrating the UAE’s commitment to communication based on proofs.

The report highlights the achievements of the EO AML/CTF in ensuring consistent AML/CFT strategies across the country, identification and mitigation of financial crime risks in collaboration with international bodies and active participation to global forums dedicated to combating these threats. It also presents initiatives to strengthen the capacities of national partners and progress made in the results of EO AML/CTF efforts at the local and global levels.

The final section of the report details contributions from various relevant authorities in the UAE, focusing on progress made in meeting international AML/CFT standards. It highlights the UAE’s progress in mutual evaluation processes and the successful completion of the UAE Financial Action Task Force (FATF) action plan. Additionally, it describes efforts to strengthen legal measures and institutional capacities, conduct continuous assessments to mitigate risks, and implement effective measures against financial crime. The report also presents achievements strengthening international cooperation and strategic commitments, as well as collaboration with international organizations and various jurisdictions in the fight against money laundering and terrorist financing.

The report highlights the role of innovation and technology in building EO AML/CTF capabilities, showing how modern solutions are integrated into the national strategy, ensuring agility of smart systems to anticipate and respond effectively to financial crime risks. The report further emphasizes the rate of Emiratization recruitment within the EO AML/CTF, particularly in terms of gender equality. The study found a distribution of 55 percent women and 45 percent men among hires.