UAE Makes Significant Strides in Combating Money Laundering

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The United Arab Emirates has strengthened its financial crime prevention efforts, with its risk of money laundering decreasing substantially according to a new index.

The Basel Anti-Money Laundering Index, an influential rating that assesses countries' systems and controls, has improved the UAE's ranking by 16 spots over the past two years. This reflects impressive progress enhancing anti-money laundering protections across government agencies, businesses and other stakeholders.

The improvement comes amid continued implementation of the UAE's robust national strategy for combating money laundering and terrorist financing. Coordinated by the Higher Committee Overseeing the National Strategy and its Executive Office, multi-sector reforms aim to optimize defenses at every level.

Key developments supporting the upgraded ratings include establishment of the Executive Office in 2018; introduction of Federal Decree-Law 20/2018 imposing tougher criminal penalties such as life imprisonment for money laundering offenses; and launch of the digital goAML reporting platform allowing fast electronic suspicious transaction filing.

Bilateral agreements have also strengthened intelligence sharing with international partners like the US, India, Pakistan and Egypt. Regulators in Abu Dhabi and Dubai financial centers affirmed ongoing alignment between localized rules and national initiatives.

Privately, compliance experts laud close coordination between law enforcement, supervisory bodies, company registries and private firms across preventive measures and implementation. This collaborative approach optimizes protection networks from start to finish analysts say.

As economic opportunities in the UAE proliferate defending financial system integrity remains paramount. Global recognition of substantial anti-money laundering advances underscores the nation's diligence and leadership on the issue. With innovation and partnerships set to fuel continuing progress, ongoing success in the mission is expected.

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