How UAE's Anti-Money Laundering Efforts Attract Investment
Recently United Arab Emirates has seen growth in its financial services sector, this is all because of the Global Risk Index. This increase reflects the UAE rapid steps against money laundering and terrorism financing.
Under the leadership of the Higher Committee Overseeing the National Strategy for Anti-Money Laundering and Countering Terrorism Financing, along with the Executive Office for Anti-Money Laundering and Counterterrorism Financing (EO AML/CTF), the UAE has made notable progress. This progress is evident as the UAE’s ranking in the Basel Anti-Money Laundering Risk Index has jumped 16 places from 2021 to 2023.
Hamid AlZaabi, Director General of the EO AML/CTF, remarked on this achievement, saying, “These results are a global recognition of the UAE’s relentless efforts in combating money laundering and terrorism financing. Our national strategy is comprehensive, covering all aspects of our AML/CFT system. This includes law enforcement, supervisory authorities, company registries, and the private sector to effectively meet our goals.”
He further emphasized the sustainability and effectiveness of their efforts, which have been evident to both domestic and international partners. AlZaabi also hinted at more key initiatives to be launched in the coming months.
This achievement shows the UAE’s commitment to enhancing its anti-money laundering and counterterrorism financing framework. After this UAE can attract more investors in its region.
The improved risk ratings have positively impacted business in the UAE’s major Financial Free Zones (FFZ). Emmanuel Givanakis, CEO of the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM), said-
“FATF’s decision shows the remarkable progress the country has made in improving its AML and CTF measures. Mitigating money laundering and terrorism financing risks has always been a strategic focus for ADGM. We continue to ensure that entities in ADGM remain vigilant and compliant with international standards.”
Hana Al Rostamani, Group Chief Executive Officer of First Abu Dhabi Bank, praised the efforts of UAE. She also expressed confidence that this achievement of UAE will enhance the UAE’s global reach and attract greater foreign investment.
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