Latest news with #NAMLCFTC
Al Etihad
10-07-2025
- Business
- Al Etihad
EU's decision reflects scale of UAE's national efforts to safeguard its financial, economic system: NAMLCFTC Secretary-General
10 July 2025 21:46 ABU DHABI (WAM)Hamid Saif Al Zaabi, Secretary-General and Vice Chair of the National Anti-Money Laundering and Combatting the Financing of Terrorism and Illegal Organisations Committee (NAMLCFTC), welcomed the decision to remove the UAE from the European Union's list of high-risk third countries for money laundering and terrorist Zaabi stated that the UAE is not only focused on meeting the requirements to be removed from international lists but is working to establish a comprehensive and sustainable national framework in this to the Emirates News Agency (WAM), Al Zaabi said the European Parliament's announcement yesterday (Wednesday) reflects the scale of the UAE's national efforts to safeguard its financial and economic system in line with the highest international standards, affirming that the UAE has successfully built an integrated system to counter money laundering and terrorist added that this achievement is the direct outcome of systematic and intensive efforts led by the NAMLCFTC and its Secretariat, reflected in the improved technical performance across all levels, with full collaboration from both the public and private noted that the country continues to develop its system and strengthen cooperation with international institutions and partners, with a constant drive to remain among the leading nations protecting their financial and economic systems from financial highlighted the pivotal role of the Higher Committee overseeing the National Strategy for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), chaired by His Highness Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Foreign Affairs, which continues to lead national efforts in coordination with various public and private entities through real proactive measures to combat such explained that the UAE has implemented a clear national strategy to counter money laundering and terrorist financing, approved by the Cabinet in 2014, based on a comprehensive action plan assigned to each concerned authority and built upon a national risk assessment that covered multiple sectors. He praised the key role of the private sector, which is now fully aware of the risks and actively supports the success of the counter-financial crime Zaabi also pointed out that the current year has witnessed intensified efforts to support the national strategy, including workshops, awareness campaigns about emerging risks identified by the national risk assessment, and continued development of legal and regulatory expects that 2025 will bring further legislative developments that will strengthen the UAE's anti-money laundering and counter-terrorist financing framework and reinforce its full compliance with the highest international Zaabi confirmed that the UAE is characterised by clear and stringent laws against financial crime, which enhances its international credibility and transparency and makes it an attractive investment destination. He stressed the country's commitment to staying abreast of international developments and standards by proactively updating its emphasised the importance of international cooperation, particularly with European countries, to ensure continued exchange of information, conduct of joint operations, and delivery of training and knowledge sharing. This, he said, is vital to addressing new crime patterns increasingly linked to digital technologies and virtual assets. The ease of digital transactions and internet access today, he noted, makes information-sharing essential to combating financial crime and halting illicit financial Zaabi also highlighted the UAE's strong focus on leadership development and national capacity-building, through close collaboration with relevant institutions and the delivery of workshops, surveys and awareness initiatives that address evolving crime trends, ensuring both public and private entities are well-informed and equipped to manage such risks. The European Parliament's decision is expected to facilitate free trade negotiations between the UAE and the European Union. It is also projected to boost foreign direct investment in the UAE by three percent due to lower investment risks. Furthermore, it will ease cross-border financial transactions and reduce compliance friction for UAE-based financial institutions when dealing with European counterparts, thereby enhancing investor confidence in the country's credibility.
Arabian Business
10-07-2025
- Business
- Arabian Business
Dubai Free Zones Council announces new resolution allowing business expansion without legal entities
The Dubai Free Zones Council (DFZC), chaired by His Highness Sheikh Ahmed bin Saeed Al Maktoum, held its 31 st meeting to discuss strategic initiatives aimed at supporting sustainable economic growth and enhancing the global competitiveness of Dubai's free zones. The Council underlined the importance of fostering a flexible and integrated legislative environment to support business operations and boost investor confidence, according to a statement by the Dubai Media Office. Enhancing Dubai's free zone competitiveness The meeting began with a review of the progress made in implementing the guidelines of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organizations Committee (NAMLCFTC) across Dubai's free zones. Discussions focused on alignment with the National Risk Assessment (NRA) outcomes, data integrity, operational challenges, and overall compliance readiness. Council members also reviewed the requirements issued by the National Committee, including targeted practices and the roadmap for the 2025–2027 assessment cycles. A set of recommendations was presented to improve compliance efficiency and support the UAE's preparedness for upcoming evaluations. The meeting also focused on the implementation of Executive Council Resolution No. (11) of 2025, which regulates the operations of free zone entities in Dubai. The Resolution represents a milestone, allowing businesses to expand locally without the need to establish new legal entities. The Council reviewed the Resolution's implementation phases, dual licensing criteria, and integration with digital platforms—aligned with global competitiveness benchmarks and the Dubai Economic Agenda D33, which seeks to double the size of the emirate's economy over the next decade and position Dubai among the top three global cities. Discussions also covered efforts to streamline procedures and ensure a seamless experience in obtaining services and licences from local and federal entities, particularly for activities that require external approvals. The Council addressed challenges related to overlapping jurisdictions and procedural inconsistencies. Proposed solutions included full digital transformation, the adoption of unified standards, risk-based classification of activities, and the fast-tracking of strategic projects. The meeting also included updates on the development of special economic zones, a review of the Council's achievements, and a discussion of key strategic initiatives.
Zawya
10-07-2025
- Business
- Zawya
Dubai Free Zones Council reviews initiatives to advance sustainable growth
The Dubai Free Zones Council (DFZC), chaired by H.H. Sheikh Ahmed bin Saeed Al Maktoum, held its 31st meeting to discuss strategic initiatives aimed at supporting sustainable economic growth and enhancing the global competitiveness of Dubai's free zones. The Council underlined the importance of fostering a flexible and integrated legislative environment to support business operations and boost investor confidence. The meeting began with a review of the progress made in implementing the guidelines of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) across Dubai's free zones. Discussions focused on alignment with the National Risk Assessment (NRA) outcomes, data integrity, operational challenges, and overall compliance readiness. Council members also reviewed the requirements issued by the National Committee, including targeted practices and the roadmap for the 2025–2027 assessment cycles. A set of recommendations was presented to improve compliance efficiency and support the UAE's preparedness for upcoming evaluations. A key focus of the meeting was the implementation of Executive Council Resolution No. (11) of 2025, which regulates the operations of free zone entities in Dubai. The Resolution is a major milestone, allowing businesses to expand locally without the need to establish new legal entities. The Council reviewed the Resolution's implementation phases, dual licensing criteria, and integration with digital platforms, aligned with global competitiveness benchmarks and the Dubai Economic Agenda (D33), which seeks to double the size of the emirate's economy over the next decade and position Dubai among the top three global cities. Discussions also covered efforts to streamline procedures and ensure a seamless experience in obtaining services and licences from local and federal entities, particularly for activities that require external approvals. The Council addressed challenges related to overlapping jurisdictions and procedural inconsistencies. Proposed solutions included full digital transformation, the adoption of unified standards, risk-based classification of activities, and the fast-tracking of strategic projects. The meeting also included updates on the development of special economic zones, a review of the Council's achievements, and a discussion of key strategic initiatives.
TAG 91.1
15-02-2025
- Business
- TAG 91.1
UAE anti-money laundering committee receives 8k questionnaires
The submission of more than 8,000 questionnaires reflects the private sector's active engagement with risks related to money laundering and terrorist financing says a leading UAE figurehead. Secretary-General and Vice Chairman of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) Hamid AlZaabi, said that private sector and financial institutions are considered key partners in delivering the UAE's AML/CFT programme and completing the National Risk Assessment (NRA) process. AlZaabi noted that the reports submitted by financial and non-financial institutions, as well as the private sector, witnessed a 26 per cent increase in the year 2024, reflecting the strengthening of collective understanding of these risks. He stated that the UAE's NRA led to significant legal amendments, including the 2024 update to the UAE's Anti-Money Laundering Law, to address evolving financial crime trends. AlZaabi also noted that virtual assets remain a high-risk category globally and that the UAE continues to enhance its financial sector's performance through deep and comprehensive risk understanding. 'This ongoing effort strengthens the country's ability to adapt to future financial challenges.' The previous NRA played a key role in advancing progress in 2024 in this regard, culminating in the launch of the National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing for 2024-27. The strategy outlines 11 primary objectives, 200 sub-goals, and over 1,000 initiatives aimed at achieving its targets by 2027, reinforcing the UAE's global leadership in this field, he added. AlZaabi reaffirmed the UAE's commitment to updating national regulations and policies to align with international best practices, ensuring readiness for the International Financial Action Task Force (FATF) mutual evaluation, which will start at the end of the year. He further highlighted that these efforts have led to continuous policy and legislative updates, helping maintain the stability of both the national and global financial systems. The UAE, he stressed, remains proactive in addressing emerging challenges and strengthening its position as a global leader in combating financial and economic crimes.
Dubai Eye
15-02-2025
- Business
- Dubai Eye
UAE anti-money laundering committee receives 8k questionnaires
The submission of more than 8,000 questionnaires reflects the private sector's active engagement with risks related to money laundering and terrorist financing says a leading UAE figurehead. Secretary-General and Vice Chairman of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) Hamid AlZaabi, said that private sector and financial institutions are considered key partners in delivering the UAE's AML/CFT programme and completing the National Risk Assessment (NRA) process. AlZaabi noted that the reports submitted by financial and non-financial institutions, as well as the private sector, witnessed a 26 per cent increase in the year 2024, reflecting the strengthening of collective understanding of these risks. He stated that the UAE's NRA led to significant legal amendments, including the 2024 update to the UAE's Anti-Money Laundering Law, to address evolving financial crime trends. AlZaabi also noted that virtual assets remain a high-risk category globally and that the UAE continues to enhance its financial sector's performance through deep and comprehensive risk understanding. 'This ongoing effort strengthens the country's ability to adapt to future financial challenges.' The previous NRA played a key role in advancing progress in 2024 in this regard, culminating in the launch of the National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing for 2024-27. The strategy outlines 11 primary objectives, 200 sub-goals, and over 1,000 initiatives aimed at achieving its targets by 2027, reinforcing the UAE's global leadership in this field, he added. AlZaabi reaffirmed the UAE's commitment to updating national regulations and policies to align with international best practices, ensuring readiness for the International Financial Action Task Force (FATF) mutual evaluation, which will start at the end of the year. He further highlighted that these efforts have led to continuous policy and legislative updates, helping maintain the stability of both the national and global financial systems. The UAE, he stressed, remains proactive in addressing emerging challenges and strengthening its position as a global leader in combating financial and economic crimes. AlZaabi continued, 'The strategy goes beyond legal aspects, encompassing economic, security, and media dimensions, as well as capacity-building efforts.''
