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UAE’s General Secretariat Strengthens AML Leadership

The United Arab Emirates (UAE) has unveiled a transformative initiative with the establishment of the General Secretariat of the National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC). This pivotal development, outlined in Federal Decree by Law No. 7 of 2024, underscores the UAE’s unwavering commitment to fortifying its financial ecosystem against money laundering and terrorism financing threats.

Central to its mandate is enhancing compliance among national authorities and fostering collaboration between the public and private sectors. This initiative is part of the UAE’s 2024-27 National Strategy for AML/CFT/CFP, a comprehensive framework aimed at ensuring the security and resilience of the country’s financial sector.

The General Secretariat’s responsibilities extend to implementing policies to combat money laundering, counter terrorism financing, and curb the proliferation of weapons of mass destruction. By addressing these areas, the UAE solidifies its position as a regional leader in financial integrity and global economic security.

Strengthening the UAE’s AML Legal and Institutional Framework

A cornerstone of the General Secretariat’s role is aligning the UAE’s financial regulations and institutional practices with international standards, particularly those set by the Financial Action Task Force (FATF).

To achieve this, the General Secretariat will work closely with the Higher Committee, NAMLCFTC, and other relevant authorities. This collaborative approach will bolster the UAE’s technical performance evaluations and ensure compliance with FATF recommendations. Such efforts aim to establish the UAE as a global benchmark in combating financial crime.

Secretary-General and Vice Chairman of NAMLCFTC, Hamid Saif AlZaabi, remarked:
“The establishment of the General Secretariat reflects the vision of our wise leadership and highlights the UAE’s serious commitment to protecting both its national economy and the integrity of the global financial system.”

AlZaabi emphasized that this strategic move not only enhances the UAE’s AML efforts but also aligns with the broader goals outlined in the UAE’s Economic Vision 2031.

Global Partnerships and International Cooperation

The General Secretariat will play an instrumental role in fostering global partnerships. By collaborating with international counterparts, the UAE aims to elevate its efforts in combating financial crimes while promoting a positive global reputation.

This proactive approach to international cooperation demonstrates the UAE’s resolve to address cross-border financial crimes effectively. The General Secretariat’s initiatives include:

Strengthening alliances with global financial watchdogs.
Facilitating knowledge exchange to enhance technical expertise.
Leveraging international best practices to refine domestic policies.

Such measures ensure the UAE remains at the forefront of global efforts to combat money laundering and terrorism financing.

Tackling Emerging Financial Threats

In addition to its core responsibilities, the General Secretariat is tasked with addressing new and evolving financial threats. This includes:

Overseeing national money laundering risk assessments.
Monitoring emerging trends in financial crimes.
Coordinating responses to mitigate risks at both national and international levels.

These efforts are critical for maintaining the UAE’s financial stability and ensuring its institutions are resilient against rapidly changing threats.

AlZaabi highlighted the importance of these measures, stating:
“Through effective coordination, the unification of expertise, and investment in national competencies, the General Secretariat will lead the effective implementation of policies and foster cooperation between national and international authorities.”

This strategic focus on adaptability and innovation reflects the UAE’s commitment to maintaining its leadership position in combating financial crimes.

Conclusion: Pioneering a Secure Financial Future

The establishment of the General Secretariat marks a significant milestone in the UAE’s journey toward a secure and transparent financial ecosystem. By reinforcing compliance, fostering global partnerships, and addressing emerging threats, the UAE continues to demonstrate its leadership in the fight against financial crimes.

As the UAE moves forward, the General Secretariat’s initiatives will undoubtedly play a pivotal role in enhancing the nation’s economic stability, safeguarding its financial institutions, and fostering international collaboration. This bold step underscores the UAE’s vision of creating a secure, resilient, and globally integrated financial system.