By AML Intelligence Correspondent
THE UAE has formally strengthened its AML agency giving the department greater scope and authority.
The agency will be known as the General Secretariat of the National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC), it was formally announced today. It replaces the previous Executive Office.
The move which has been well flagged in advance means the General Secretariat has been given a key role coordinating compliance efforts among national authorities and between public and private sectors – an objective of the UAE National Strategy for AML/CFT/CFP 2024-27.
“It will also spearhead the implementation of policies aimed at combating money laundering, terrorism financing, and the proliferation of weapons of mass destruction, as well as defined related activities,” the government said in an announcement in Abu Dhabi.
“These efforts further enhance the UAE’s commitment to ensuring the security and stability of its financial system and fostering economic prosperity,” an official statement said.
Operating in close cooperation with the Higher Committee, NAMLCFTC and other relevant authorities, the General Secretariat will contribute to strengthening and adapting the legal and institutional framework in the UAE to ensure its alignment with the latest international recommendations and standards, as outlined by the Financial Action Task Force (FATF), including the country’s technical performance evaluations in combating financial crime by the (FATF).
The General Secretariat will also play a key role in global partnerships. It will work to strengthen the UAE’s strategic partnerships with international counterparts to ensure more effective efforts in combating financial crimes and advancing the UAE’s positive image on the global stage.
In addition to its core responsibilities, the General Secretariat will manage strategic and technical tasks, including overseeing national money laundering risk assessments, monitoring emerging financial threats, and facilitating smooth coordination at both the national and international levels.
Hamid Saif AlZaabi, Secretary-General and Vice Chairman of NAMLCFTC, stated, “The establishment of the General Secretariat reflects the vision of our wise leadership and highlights the UAE’s serious commitment to protecting both its national economy and the integrity of the global financial system.”
He added that the decision represents an important strategic step to consolidate the UAE’s leadership in combating financial crimes and to ensure a secure and advanced financial environment as set out in the UAE’s Economic Vision 2031.
It represented a high-level commitment to maintaining the integrity of the national financial system and enhancing its readiness to face the global challenges posed by cross-border financial crimes.
“Through effective coordination, the unification of expertise, and investment in national competencies, the General Secretariat will lead the effective implementation of policies and foster cooperation between national and international authorities. The General Secretariat will continue to work hand-in-hand with our national team to ensure the sustainability and effectiveness of our efforts in combating financial crimes, strengthening the UAE’s position as a key partner of international financial security, and affirming its responsibility in maintaining financial stability and global peace,” AlZaabi said.
The change comes in accordance with the Federal Decree by Law No.7 of 2024 that stated the creation of the General Secretariat of the National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC), the administrative regulation is adopted for General Secretariat as an executive body supports the work of the National Committee and the Higher Committee Overseeing the National Strategy for Anti-Money Laundering and Combating the Financing of Terrorism (Higher Committee).
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