High-level UAE Authorities Hold Talks with World Bank on Money Laundering and Terrorism Financing Risks

The AML and CFT Executive Office in the United Arab Emirates collaborated with World Bank in a workshop to enhance its measures against illicit financial activities. The recent event that occurred this week marked the continuation of the United Arab Emirates’ ongoing National Risk Assessment on terrorist financing and money laundering for the years 2022-23 with the second workshop. Throughout the workshop, officials in the UAE engaged in active discussions to identify and evaluate the risks associated with terrorist financing and money laundering. The primary objective was to develop effective policies for mitigating these risks.

Hamid Al Zaabi, Director General of the Executive Office, stressed the UAE’s recognition of the vital significance of evaluating ML/TF risks as a means to effectively combat financial crime and enhance our national system.

Hamid Al Zaabi reinforced the notion that comprehensive risk assessments are necessary in supporting national strategies and policy decisions. He went on to emphasize the UAE’s commitment to using the World Bank methodology to achieve this goal, further highlighting the dedication of the nation to this endeavor.

In recent years, significant accomplishments have been demonstrated by the UAE in its efforts to counter terrorist financing, money laundering, and weapons proliferation. In its determined fight against money laundering and terrorist financing, the UAE successfully seized assets worth more than 4.73 billion Dirhams (1.29 billion USD) during the 12-month period leading up to July 2022.

Numerous stakeholders actively participated in the National Risk Assessment (NRA) workshop. These stakeholders comprised the Central Bank of UAE, Ministry of Justice, Ministry of Interior, Ministry of Economy, zones designated for financial activities, the FIU, as well as corporate registrars within the commercial, mainland, and zones designated for financial activities.

In November, Abu Dhabi hosted the first-ever workshop where UAE authorities received comprehensive training that specifically emphasized the methodology employed by the World Bank. For the past ten years, the World Bank’s toolkit for National Risk Assessment (NRA) has been utilized by over 100 jurisdictions to conduct risk assessments as well as develop action plans to enhance the effectiveness of their Anti-Money Laundering and Counter Financing of Terrorism practices.