In a recent report, the Washington-based fund commended the UAE Central Bank’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) unit for its efforts to “operationalize a new risk-based supervisory framework”.
“The acknowledgment of our national efforts to improve our collective response to money laundering and terrorism financing from a respected institution such as the IMF highlights the agility of the UAE to recognize challenges and address them in an organized and methodical manner,” state news agency Wam quoted Hamid Al Zaabi, director-general of the Executive Office of AML/CTF, as saying.
“Through ongoing co-operation with both local and international regulators, we will continue to safeguard the country’s financial sector from illicit activity,” he added.
The UAE, the Arab world’s second-largest economy, has strict laws to prevent money laundering and the financing of terrorism, and it has issued various regulations over the years to prevent financial crimes.
The Executive Office of AML/CTF was established last year to deal with money launderers as well as organizations and people suspected of financing terrorists and organized crime.
In November 2020, the Ministry of Economy set up a new anti-money laundering department to ensure that all non-financial businesses and professionals comply with local laws.
Dubai also set up a special court in August to focus on fighting money laundering and other financial crimes and strengthening the integrity of its financial system.
The UAE has also joined other countries to crack down on money laundering.
In August, the Financial Intelligence Unit joined forces with the China Anti-Money Laundering Monitoring and Analysis Centre to exchange information in the fight against global money laundering and terrorism financing.