The UAE Ministry of Economy, in partnership with the Ministry of Justice, recently organized a high-level forum in Abu Dhabi to enhance compliance with anti-money laundering and counter-terrorism financing (AML/CFT) requirements among Designated Non-Financial Businesses and Professions (DNFBPs).
The event brought together key private sector representatives and government specialists, creating a platform for dialogue and coordination. It is a core component of the ongoing efforts to implement the UAE’s National AML/CFT Strategy, reinforcing the nation’s commitment to financial integrity and security.
A National Strategy For Financial Integrity
The forum is a strategic initiative designed to align the UAE’s financial ecosystem with international best practices and safeguard it from illicit activities. The primary focus is on the DNFBP sector, which includes critical industries such as real estate brokers and agents, precious metals and stone dealers, independent accountants, corporate service providers, and legal consultants.
By strengthening the compliance framework within these professions, the UAE aims to bolster its global standing in the fight against financial crime and enhance confidence in its business environment.
Bridging The Public-Private Divide
A key theme of the event was the importance of robust collaboration between government authorities and the private sector. Sessions highlighted the need for effective customer due diligence and raising awareness among businesses about their responsibility to report suspicious financial activities.
Salem Ahmed Al Tunaiji, Director of the AML/CFT Department at the Ministry of Economy, affirmed the ministry’s commitment to this goal. He stated that an integrated framework, supported by advanced technologies and digital infrastructure, is being deployed to improve monitoring and oversight, thereby protecting the national economy’s reputation.
Abdullah Al Rashid, Director of the AML and Counter Terrorism Financing Department at the Ministry of Justice, echoed this sentiment. He emphasized that sectors like real estate, precious metals, and legal services have a critical responsibility to implement controls for customer identification, beneficial ownership verification, and suspicious activity reporting in line with global standards.
Tackling Key Compliance Challenges
The forum addressed the practical challenges DNFBPs face in implementing rigorous due diligence. Panel discussions explored common obstacles, including limited resources, gaps in specialized expertise, and an over-reliance on manual processes that can hinder efficiency and accuracy.
Discussions also centered on findings from the UAE’s national risk assessment, which helps authorities prioritize regulatory measures and strengthen compliance frameworks through a risk-based approach. The sessions provided actionable insights on strengthening supervisory oversight, improving information sharing between entities, and refining inspection mechanisms.
Aligning With Global Standards
The event concluded with a review of the mutual evaluation methodology used by the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF). This review examined the effectiveness of the UAE’s current AML/CFT framework and outlined recommendations to further enhance compliance, transparency, and the overall integrity of the nation’s financial system.
About The National AML/CFT Strategy
The UAE’s National AML/CFT Strategy is a comprehensive national plan aimed at combating money laundering and the financing of terrorism. It involves collaboration between various government bodies and the private sector to strengthen the country’s regulatory frameworks, enhance law enforcement capabilities, and align with international standards set by bodies like the Financial Action Task Force (FATF). The strategy focuses on proactive risk assessment, robust supervision, and fostering a culture of compliance across all relevant sectors of the economy.
Source: Fast Company Middle East
