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 Institutional Framework forAML/CFT


In line with the UAE’s interest in and commitment to enforcing AML/CFT legislation, the ‘Higher Committee Overseeing National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism’ was formed, headed by His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation. Through this strategy, 12 national strategic goals are to be implemented during the period from 2020-2023. This strategy defines the UAE's approach during the period 2020-2023, as a whole, in order to enhance its response system to money laundering crimes and combating the financing of terrorism and the financing of illegal organizations. In particular, this strategy identifies the main areas that require improvement, by setting strategic priorities and providing a more comprehensive work methodology for the purpose of managing the process of mitigating potential risks and challenges to designated non-financial businesses and professions, through supporting several initiatives and basic operational action plans emanating from the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism (2020-2023) and the National Action Plan.

AML/CFT is considered as one of the priorities and concerns of the UAE government. National Anti- Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee - NAMLCFTC was established in the year 2000, headed by the Governor of the Central Bank. It oversees policies and efforts to combat money laundering and counter terrorism financing in the country. It works specifically to improve the efficiency and effectiveness of the institutional framework for AML/CFT and national coordination in the UAE, through its sub-committees, and by verifying the continued commitment to international standards related to AML/CFT crimes.  NAMLCFTC strives to continuously improve the effective implementation of an overall government system that aims to mitigate the risks of money laundering, terrorist financing and financing of illegal organizations.

 

The following is an illustration of the organizational structure of the UAE’s money laundering framework.

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