EU's decision reflects scale of UAE's national efforts to safeguard its financial, economic system: NAMLCFTC Secretary-General

Al Etihad

10-07-2025

10 July 2025 21:46
ABU DHABI (WAM)Hamid Saif Al Zaabi, Secretary-General and Vice Chair of the National Anti-Money Laundering and Combatting the Financing of Terrorism and Illegal Organisations Committee (NAMLCFTC), welcomed the decision to remove the UAE from the European Union's list of high-risk third countries for money laundering and terrorist financing.Al Zaabi stated that the UAE is not only focused on meeting the requirements to be removed from international lists but is working to establish a comprehensive and sustainable national framework in this area.Speaking to the Emirates News Agency (WAM), Al Zaabi said the European Parliament's announcement yesterday (Wednesday) reflects the scale of the UAE's national efforts to safeguard its financial and economic system in line with the highest international standards, affirming that the UAE has successfully built an integrated system to counter money laundering and terrorist financing.He added that this achievement is the direct outcome of systematic and intensive efforts led by the NAMLCFTC and its Secretariat, reflected in the improved technical performance across all levels, with full collaboration from both the public and private sectors.He noted that the country continues to develop its system and strengthen cooperation with international institutions and partners, with a constant drive to remain among the leading nations protecting their financial and economic systems from financial crime.AlZaabi highlighted the pivotal role of the Higher Committee overseeing the National Strategy for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), chaired by His Highness Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Foreign Affairs, which continues to lead national efforts in coordination with various public and private entities through real proactive measures to combat such crimes.He explained that the UAE has implemented a clear national strategy to counter money laundering and terrorist financing, approved by the Cabinet in 2014, based on a comprehensive action plan assigned to each concerned authority and built upon a national risk assessment that covered multiple sectors. He praised the key role of the private sector, which is now fully aware of the risks and actively supports the success of the counter-financial crime framework.Al Zaabi also pointed out that the current year has witnessed intensified efforts to support the national strategy, including workshops, awareness campaigns about emerging risks identified by the national risk assessment, and continued development of legal and regulatory systems.He expects that 2025 will bring further legislative developments that will strengthen the UAE's anti-money laundering and counter-terrorist financing framework and reinforce its full compliance with the highest international standards.Al Zaabi confirmed that the UAE is characterised by clear and stringent laws against financial crime, which enhances its international credibility and transparency and makes it an attractive investment destination. He stressed the country's commitment to staying abreast of international developments and standards by proactively updating its legislation.He emphasised the importance of international cooperation, particularly with European countries, to ensure continued exchange of information, conduct of joint operations, and delivery of training and knowledge sharing. This, he said, is vital to addressing new crime patterns increasingly linked to digital technologies and virtual assets. The ease of digital transactions and internet access today, he noted, makes information-sharing essential to combating financial crime and halting illicit financial flows.Al Zaabi also highlighted the UAE's strong focus on leadership development and national capacity-building, through close collaboration with relevant institutions and the delivery of workshops, surveys and awareness initiatives that address evolving crime trends, ensuring both public and private entities are well-informed and equipped to manage such risks.
The European Parliament's decision is expected to facilitate free trade negotiations between the UAE and the European Union. It is also projected to boost foreign direct investment in the UAE by three percent due to lower investment risks. Furthermore, it will ease cross-border financial transactions and reduce compliance friction for UAE-based financial institutions when dealing with European counterparts, thereby enhancing investor confidence in the country's credibility.