FATF UAE Mutual Evaluation and NAMLCFT Committee3 min read

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. It also brought in the NAMLCFT committee

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.

The UAE’s compliance with FATF 40 recommendations and the effectiveness of its AML/CFT system were analyzed by the MER. Recommendations for strengthening the system were provided as a result. His Excellency the Governor of the CBUAE chairs the UAE’s National AML/CFT Committee (NAMLCFTC). In response to the MER and the UAE’s National Risk Assessment, the NAMLCFTC revised the National Strategy to align with identified risks. Compliance with MER recommendations is a key strategic objective and focus area for the CBUAE in 2020-2021. The enhanced UAE National Action Plan, developed with contributions from the CBUAE, outlines detailed initiatives and actions to implement the MER recommendations and involves multiple domestic stakeholders and authorities. CBUAE played a significant role in the development of these action items, involving various domestic stakeholders and authorities. The MER examined the UAE’s adherence to FATF 40 recommendations and the effectiveness of its AML/CFT system, resulting in recommendations to further strengthen the system. The UAE’s National AML/CFT Committee, chaired by the Governor of CBUAE, revised the National Strategy to align with identified risks based on the MER and the UAE’s National Risk Assessment. Compliance with MER recommendations is a primary strategic objective for CBUAE in 2020-2021. The enhanced UAE National Action Plan, developed with CBUAE’s contributions, delineates specific initiatives and measures to implement the MER recommendations, encompassing multiple domestic stakeholders and authorities.

The CBUAE’s active involvement in the development of these action items demonstrates its commitment to strengthening the UAE’s AML/CFT system. Through the MER assessment, recommendations were made to further enhance the system and ensure compliance with FATF 40 recommendations. The National AML/CFT Committee, led by the Governor of CBUAE, has revised the National Strategy to address identified risks and align with the findings of the MER and the UAE’s National Risk Assessment. CBUAE has set the compliance with MER recommendations as a key strategic objective for 2020-2021. To effectively implement these recommendations, the enhanced UAE National Action Plan, which incorporates inputs from CBUAE, outlines specific initiatives involving various domestic stakeholders and authorities.

The Financial Action Task Force (FATF) is an intergovernmental organization that sets standards and promotes effective implementation of legal, regulatory, and operational measures for combating money laundering, terrorist financing, and other related threats to the integrity of the international financial system.