The United Arab Emirates is on the Financial Action Task Force (FATF) List of countries that have been identified as having strategic AML deficiencies. In February 2022, the UAE made a high-level political commitment to work with the FATF and MENAFATF to strengthen the effectiveness of its anti-money laundering (AML) and counter-terrorist financing (CTF) regime. The UAE has initiated robust actions to address these weaknesses and committed to implement FATF’s recommendations which has demonstrated a commitment in combatting money laundering.

The FATF confirmed on 27 October 2023, that the UAE had satisfied its action plan and subject to a successful onsite inspection which is scheduled in 2024, the country is to be removed from the ‘grey list’ of jurisdictions. However, the country will be subject to increased monitoring. FATF’s last report commended the UAE’s progress in aligning with standards, highlighting substantial improvements in AML and CTF regulatory framework.

The Ministry of Economy has placed the key responsibilities with Designated Non-Financial Business & Professions (DNFBPs) which consist of : casinos, real estate agents, dealers in precious metals or precious stones, lawyers, notaries, other independent legal professionals and accountants and trust and company service providers, on initial understanding of ML/ TF risk assessments. Lawyers and notaries will fall under the scope of the Ministry of Justice while all others will be under the Ministry of Economy. National Risk Assessment (NRA) 2019 has categorised the dealers in precious metals or precious stones as high risk; real estate brokers/ agents & trust and company service providers as medium-high risk and accountants/ auditors as medium risk.

The Ministry’s key responsibilities identified in the process are risk assessment, supervision, taking preventive measures and impose targeted financial sanctions. The AML department at the Ministry of Economy consist of three segments as Policies and Risk Section, AML Supervision Section and Enforcement & Investigation Section. GoAML is the UAE FIU’s online portal for the submission of Suspicious Activity Report (SAR) & Suspicious Transaction Report (STR) by all DNFBPs.

UAE Ministry of Economy