The UAE has made significant strides in its fight against money laundering and counter-terrorism financing, seizing assets and imposing fines on violators.
Hamid Al Zaabi, Secretary-General of the National Committee for Anti-Money Laundering and Countering the Financing of Terrorism and Financing of Illegal Organisations (NAMLCFTC), highlighted the UAE’s commitment to combating financial crimes during the 2024 Asia Pacific Group on Money Laundering (APG) Annual Meeting and Technical Assistance and Training Forum in Abu Dhabi.
In 2023, the UAE issued fines exceeding Dh254m ($69m) related to money laundering and seized assets worth more than Dh2.348bn ($639m), Al Zaabi revealed.
During this period, the Central Bank of the UAE conducted over 115 field inspections, imposing fines close to Dh113m ($31m), while the Ministry of Economy carried out 3,371 inspections, resulting in fines amounting to Dh101m ($27m).
Al Zaabi also highlighted the recent amendments to anti-money laundering laws. These changes have bolstered the national sustainability system and enhanced its ability to address emerging threats, reinforcing the UAE’s status as a leading financial and commercial hub.
Suspicious activity reports in the gold sector surged from 223 in 2021 to 6,432 in 2023, reflecting increased awareness and vigilance. Inspections in this sector rose twentyfold, leading to fines totalling Dh78.65m ($21m).
In August, the Ministry of Economy suspended 32 local gold refineries for failing to comply with anti-money laundering laws, citing 256 violations.
The UAE has signed 45 mutual legal assistance treaties through the Ministry of Justice and plans to sign additional treaties in 2024 and 2025.
