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The committee’s objectives
Preventing, detecting and deterring money laundering (ML) and terrorism financing (TF) are extremely important for the UAE. To safeguard the nation’s financial and an economical system against threats, the National Committee for Anti Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organizations (NAMLCFTC) has created an institutional framework to supervise, control and gather intelligence on financial crimes, including ML and TF.
NAMLCFTC aims to strengthen this framework and its associated processes constantly to increase the effectiveness of the government’s anti money laundering (AML)/combatting the financing of terrorism and illegal organisations (CTF) efforts. The UAE’s goal is to continue to be regarded as a country where criminals cannot carry out ML and TF, or use the country as a transit route for the transfer of proceeds from criminal activity.
The UAE created a national strategy to allocate resources more effectively and efficiently across the institutional framework established to prevent, detect and deter ML and TF within its borders. This strategy identified twelve distinct goals, based on the Financial Action Task Force’s national risk assessment, which outlines specific actions for all competent authorities within the institutional framework established to combat financial crime.