Abu dhabi: Hamid Saif AlZaabi, Secretary-General and Vice Chair of the National Anti-Money Laundering and Combatting the Financing of Terrorism and Illegal Organisations Committee (NAMLCFTC), welcomed the decision to remove the UAE from the European Union's list of high-risk third countries for money laundering and terrorist financing. AlZaabi emphasized the UAE's commitment to establishing a comprehensive national framework for financial security.
According to Emirates News Agency, AlZaabi stated that the European Parliament's decision reflects the UAE's extensive efforts to safeguard its financial and economic systems in line with international standards. The decision signifies the success of the UAE's integrated system to counter money laundering and terrorist financing, achieved through systematic efforts by NAMLCFTC and collaboration across public and private sectors.
AlZaabi attributed this achievement to the leadership of the Higher Committee overseeing the National Strategy for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), chaired by H.H. Sheikh Abdullah bin Zayed Al Nahyan. The UAE's strategy, approved in 2014, is based on a national risk assessment and involves both public and private sectors.
AlZaabi noted intensified efforts this year, including workshops and awareness campaigns, to support the national strategy. He anticipates legislative developments by 2025 to further strengthen the UAE's anti-money laundering framework and compliance with international standards.
He highlighted the UAE's stringent laws against financial crime, enhancing its credibility and attractiveness for investment. He stressed the importance of international cooperation, especially with European countries, for information exchange and joint operations to combat crime linked to digital technologies and virtual assets.
AlZaabi underscored the UAE's focus on leadership development and capacity-building to manage evolving crime trends. The European Parliament's decision is expected to boost trade negotiations and foreign investment in the UAE, reduce compliance friction, and enhance investor confidence.
