Hamid AlZaabi, the Director-General of the Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AMLCTF) in the UAE, has reported significant progress in the country’s anti-money laundering and counter-terrorism financing efforts. The UAE has seen improvements in various key performance indicators, including suspicious transaction reports (STRs), enforcement actions, supervisory inspections, and confiscations. Notably, the UAE successfully confiscated over AED 1.309 billion (approximately $356 million) between March 2023 and mid-July 2023.
During this period, the UAE also reported a 17% increase in total STRs, with a 14% increase in Designated Non-Financial Businesses and Professions (DNFBP) submissions and a 23% increase in Designated Non-Financial Businesses and Professions and Designated Non-Financial Businesses and Professions Management System (DPMS) submissions.
Additionally, the UAE increased its international cooperation efforts by participating in plenaries of two FATF-Style Regional Bodies: the Asia/Pacific Group (APG) and Eurasia Group (EAG). The country signed Mutual Legal Assistance treaties (MLAs) and actively engaged in outbound MLA requests targeting various forms of money laundering and illicit finance.
The UAE’s supervisory authorities imposed collective fines of over AED 199 million for the first half of 2023, demonstrating a commitment to enforce AML/CFT regulations. Furthermore, the UAE’s efforts to investigate and prosecute money laundering cases led to a 92.1% conviction rate in money laundering cases between March 2023 and mid-July 2023.
In the area of terrorist financing (TF) and proliferation financing (PF), the UAE has conducted training sessions for private and public sector professionals, focusing on international obligations, compliance best practices, and typologies. Private sector reporting of Targeted Financial Sanctions (TFS) and TF/PF-related STRs/SARs to the FIU has increased by approximately 93% compared to previous reporting periods.
The UAE is also actively participating in the process to update its second National Risk Assessment, aiming to enhance its understanding of money laundering and terrorist financing risks.
AlZaabi emphasized the UAE’s commitment to strengthening its AML/CFT capabilities and promoting international cooperation in the fight against financial and organized crime. The country’s ongoing efforts underscore its dedication to preserving the integrity of the global financial system.
By FCCT Editorial Team
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