The UAE has seized assets valued at more than Dh2.348 billion and imposed fines exceeding Dh254 million as it stepped up efforts to curb money laundering in 2023.
The Central Bank of the UAE conducted over 119 field inspections, imposing fines of nearly Dh113 million last year, while the Ministry of Economy conducted 3371 field inspections, imposing fines amounting to Dh101 million in 2023, according to Hamid Al Zaabi, secretary-general of the National Committee for Anti-Money Laundering and Countering the Financing of Terrorism and Financing of Illegal Organisations.
Stressing the significant progress the UAE has achieved in combating financial crimes, Al Zaabi said the measures are aimed at preserving the integrity and sustainability of the nation’s financial and economic system, as well as protecting the global financial system.
The number of suspicious activity reports related to the gold sector increased from 223 in 2021 to 6432 in 2023, indicating heightened awareness and vigilance. Inspections in the gold sector increased by about twentyfold, leading to clear enforcement measures, including the imposition of fines amounting to Dh78.65 million.
In August, the Ministry of Economy suspended 32 local gold refineries for their failure to comply with anti-money laundering laws. These refineries were accused of committing 256 violations, and the suspensions between July and October 2024.
He explained that the UAE has signed 45 mutual legal assistance treaties in line with the efforts made by the Ministry of Justice, while plans are underway to sign new mutual legal assistance treaties in 2024 and 2025.
Speaking on the sidelines of the 2024 Asia Pacific Group on Money Laundering (APG) Annual Meeting and Technical Assistance and Training Forum, held in Abu Dhabi, Al Zaabi highlighted recent amendments to anti-money laundering and counter-terrorism financing laws.
“These amendments have strengthened the national sustainability system and enhanced its efficiency in addressing emerging threats, reinforcing the UAE’s position as a leading international financial and commercial centre,” he said.
The UAE, which has been removed from the “grey list” of money-laundering havens, has introduced the amendments to boost investor confidence. These changes are part of the government’s 2024-2027 National Strategy for Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Proliferation Financing. The 2024-2027 plan includes new committees and a crackdown on gold sector violations to improve transparency.
The new legislation establishes two major committees: The National Committee for Anti-Money Laundering and Combating the Financing of Terrorism, and the Supreme Committee for overseeing the national AML strategy. These committees aim to streamline compliance and enforcement processes related to AML and CFT, reducing bureaucracy and improving communication between businesses and regulatory authorities.