In April 2020, the international Financial Action Task Force (FATF) issued a Mutual Evaluation Report (MER) on the UAE’s AML/CFT measures. The assessment was conducted in 2019. The MER analyzed the UAE’s compliance with FATF 40 recommendations. It also analyzed the effectiveness of the UAE’s AML/CFT system. Thereby, providing recommendations on strengthening the system.
The UAE’s National AML/CFT Committee (NAMLCFTC) is chaired by His Excellency the Governor of the CBUAE. The NAMLCFTC subsequently revised the UAE’s National Strategy in line with risks identified in the MER and the UAE’s National Risk Assessment. Compliance with MER recommendations is a key CBUAE strategic objective and focus area for 2020-2021. The enhanced UAE National Action Plan supports the National Strategy with detailed initiatives and actions to implement the MER recommendations. CBUAE contributed significantly to the development of these action items, which include multiple domestic stakeholders and authorities.