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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 impri...

  The United Arab Emirates (UAE) has recently been acknowledged for its remarkable efforts in confronting money laundering and terrorist financing. The recognition comes from the Middle East and North Africa Financial Action Task Force (MENATF), which has raised the compliance rating of the UAE in response to the positive measures taken by the state. One of the key factors contributing to this achievement is the UAE 's unwavering commitment to implementing effective measures that ensure full compliance with the 40 recommendations of the Financial Action Task Force. These recommendations provide a comprehensive framework for combating money laundering and terrorist financing, and the UAE has demonstrated its dedication to meeting these standards. Of particular significance is the lifting of recommendations 1, 19, and 29 to a "committed" or "largely committed" degree. This marks a clear recognition of the progress made by the UAE in combatting financial crime. It...