UAE announces strategic anti-money laundering initiatives
ABU DHABI, November 24, 2020
The UAE Ministry of Economy (MoE) has announced the development of a strategic plan and initiatives within the framework of its role in supporting the efforts to combat money laundering practices in the country.
The MoE is the authority entrusted by the UAE Cabinet with the supervision of designated non-financial businesses and professions sector at the national level and commercial free zones with regard to countering money laundering, reported state news agency Wam.
The Ministry had recently established a specialised department called the ‘Anti-Money Laundering Department’ within its structure to follow up and implement its strategic plan, create awareness, and to regulate all activities listed under the business sector and specific non-financial professions.
These measures fall within the framework of the provisions of Federal Decree Law No. 20 of 2018 on combating money laundering crimes; financing of terrorism and illegal organizations; and the implementation of the regulations.
UAE Minister of Economy Abdulla Bin Touq Al Marri said the UAE has succeeded in establishing an integrated legislative system capable of driving economic and social development.
"The country has also been keen to implement highly efficient development policies in accordance with its principles of knowledge, innovation, transparency and sound business practices and economic stability," he noted.
Bin Touq pointed out that combating money laundering had always been among the top priorities for the UAE government and the first federal law for anti-money laundering was issued in 2002.
The country’s financial sector has been implementing these measures for many years, and the Ministry of Economy and its partners from the concerned authorities have been keeping pace with ongoing developments in international standards to combat money laundering, he stated.
According to him, the Anti-Money Laundering Department within the ministry will add further value to the progress made in strengthening the legislative and regulatory framework to confront money laundering in the country during the past three years, which is leading by the Supreme Committee for Combating Money Laundering is chaired by Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation.
The designated non-financial business and professions sector, which is supervised by MoE with regard to combating money laundering, includes a wide range of non-financial sectors and activities that are most exposed to the risks of money laundering.
