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The committee’s objectives
Preventing, detecting and deterring money laundering (ML) and terrorism financing (TF) are extremely important for the UAE. To safeguard the nation’s financial and an economical system against threats, the National Committee for Anti Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organizations (NAMLCFTC) has created an institutional framework to supervise, control and gather intelligence on financial crimes, including ML and TF.
NAMLCFTC aims to strengthen this framework and its associated processes constantly to increase the effectiveness of the government’s anti money laundering (AML)/combatting the financing of terrorism and illegal organisations (CTF) efforts. The UAE’s goal is to continue to be regarded as a country where criminals cannot carry out ML and TF, or use the country as a transit route for the transfer of proceeds from criminal activity.
The UAE created a national strategy to allocate resources more effectively and efficiently across the institutional framework established to prevent, detect and deter ML and TF within its borders. This strategy identified twelve distinct goals, based on the Financial Action Task Force’s national risk assessment, which outlines specific actions for all competent authorities within the institutional framework established to combat financial crime.
12 Strategic Goals
The UAE’s strategic goals
In the UAE, the National Committee for Anti Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organizations (NAMLCFTC) has twelve strategic goals related to anti money laundering (AML) and countering the financing of terrorism (CFT):
Strategic Goal 1: Continue deepening the understanding of risk.
Strategic Goal 2: Strengthen the National Committee for Anti Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organizations (NAMLCFTC) standing within the UAE’s national AML/CFT framework.
Strategic Goal 3: Improve law enforcement authorities’ efforts in detecting and investigating money laundering (ML).
Strategic Goal 4: Use provisional and confiscation measures more frequently and effectively.
Strategic Goal 5: Adjudicate and prosecute ML effectively and apply proportionate and effective sanctions.
Strategic Goal 6: Improve the effectiveness of regulatory and supervisory efforts for financial institutions and designated non-financial busines and professions, prioritising higher-risk sectors and taking dissuasive enforcement actions.
Strategic Goal 7: Identify and intercept unlicensed money remittance services effectively.
Strategic Goal 8: Enhance implementation of targeted financial sanctions without delay.
Strategic Goal 9: Align company registration frameworks across the UAE.
Strategic Goal 10: Strengthen the UAE’s assistance programmes’ links with its international partners.
Strategic Goal 11: Continue to investigate, prosecute and convict terrorism financing offences effectively.
Strategic Goal 12: Continue to modernise the UAE’s legal framework.