UAE's Progressive Strides in AML/CFT: A Model for Global Financial Integrity




When the sixth EU-UAE Structural Dialogue on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) was recently organized in Brussels, it highlighted the continuous determination and joint effort of both UAE and EU in fighting financial crimes as well as improving global partnership. The UAE’s significant achievements and measures taken were the focal point at this important meeting, which was held at a high level after the release of an October 2023 implementation status report. It should be noted that the UAE improved its position in the Corruption Perception Index 2023 from 27th to 26th place, scoring better, moving from 67 points last year to 68 this year .This change indicates a commitment on the side of the people of this country regarding open government principles as seen on their high point notching a single higher place higher up than before in terms of corruption rankings released annually by Transparency International. These changes demonstrate that UAE strives towards conforming with global leading practices in other areas too.

According to the information provided on The Financial Intelligence Unit (FIU) Annual Report 2022 of United Arab Emirates (UAE) it was reported on January 2024 that there was an amazing increase in suspicious transaction reports (STRs) as well as suspicious activity reports (SARs) compared to the years before this one where only few cases could be identified before they reached the attention of concerned authorities; Last year alone 38912 STRS AND SARS WERE SUBMITTED which is equal to 90 percent more than what was reported in 2021.Also, in the first two months of 2023 have seen almost seven thousand of them which is 81% more than the same period in the preceding year indicating an increased level of alertness by financial institutions and designated non-financial businesses and professions (DNFBPs). This sharp rise in reporting by DNFBPs (a 91% increase) from exchange houses, MSBs, and VASPs exhibits the growing awareness and cooperation with the private sector on AML/CFT drive. The UAE is a wonderful leader for being the most concentrated and honest global financial integral country with effective actions and interactive plans which are talked about in the dialogue where the UAE actively participates. This also enhances innovation and investment in the country therefore increasing the activity of the business community.

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