The UAE has taken a significant step to enhance its anti-money laundering (AML) and counter-terrorism financing (CFT) initiatives by formally establishing the General Secretariat of the National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC).
The move, announced under Federal Decree by Law No. 7 of 2024, positions the General Secretariat as the executive arm supporting the National Committee and the Higher Committee overseeing the UAE’s National Strategy for AML, CFT, and Combating the Financing of Proliferation (CFP) for 2024–2027.
Strengthening National Coordination and Compliance
The General Secretariat will coordinate efforts among national authorities, fostering collaboration between the public and private sectors to combat financial crimes. Its core responsibilities include:
- Implementing strategies to fight money laundering, terrorism financing, and weapons proliferation.
- Conducting risk assessments and monitoring emerging financial threats.
- Enhancing compliance with Financial Action Task Force (FATF) recommendations.
By fortifying the UAE’s institutional framework, the General Secretariat aims to align national policies with global standards, ensuring the country’s financial sector remains resilient and efficient.
Focus on Global Collaboration
The General Secretariat will also emphasize international partnerships, collaborating with global counterparts to combat financial crimes and solidify the UAE’s role in promoting global financial security.
Key initiatives include:
- Unifying expertise and investing in national talent.
- Strengthening cross-border cooperation to address transnational financial crimes.
- Implementing innovative strategies to support the UAE’s economic prosperity while ensuring robust financial safeguards.
This development underscores the UAE’s commitment to maintaining its position as a global financial hub, adhering to international standards and contributing to a secure and stable financial ecosystem.
