UAE’s National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organizations (NAMLCFTC) recently held its sixth meeting for 2020. The Committee acknowledged the significant progress in the implementation of the national strategic plan for AML/CFT. It also discussed its role in the country’s AML/CFT progress and chalked out a strategy for the future.
To spread awareness about financial crimes, NAMLCFTC recently launched a website where stakeholders can obtain information necessary for AML/CFT compliance. The Committee identified that building the country’s human and financial resource capacity can significantly improve its AML/CFT framework. The Committee also announced the launch of a smart platform to detect financial crimes, thereby highlighting the importance of technology in this field.
Additionally, the Committee discussed the recent achievements of the UAE Financial Intelligence Unit (FIU) that investigates suspicious transactions that could constitute financial crime. It was also announced that the FIU will soon be launching a website to promote AML/CFT. This website will also help improve its transparency with other similar units internationally.
