You are using an outdated browser. For a faster, safer browsing experience, upgrade for free today.

National Risk Assessment (NRA)

In line with its obligations under the FATF Standards, the UAE identifies and assesses the ML/TF risks it faces on an ongoing basis. The NAMLCFTC is responsible for overseeing the national risk assessment process.

 

In 2016, the NAMLCFTC, took a series of important steps including an initial self-assessment of the capability of competent authorities against the FATF recommendations and immediate outcomes. In line with this, it developed threat profiles for the 21 predicate offences and professional ML, creating the NRA and establishing additional interagency committees to capture stakeholder input. This is underpinned by an integrated inter-agency approach to understanding ML/TF threats and inherent vulnerabilities, led by the National Committee for Combating Money Laundering and Countering Financing Terrorism (National Committee) and NRA Subcommittee, whose membership consists of a broad range of competent authorities involved in AML/CFT. The Committee also developed a methodology to capture interagency input on inherent ML/TF threats and vulnerabilities. This methodology largely relies upon qualitative judgements of experts from respective agencies, as well as quantitative data such as:

 
  • i.Analysis of STR disseminations
  • ii.Number of ML cases and relevant predicate crimes
  • iii.Number of cases in which confiscation occurred
 

The NRA also includes outreach to private sector stakeholders, both FIs and DNFBPs. A high-level summary of the results of the confidential NRA is distributed to competent authorities, and regulated entities, via their supervisors. Furthermore, separate assessments are undertaken on vulnerabilities related to legal persons and vulnerabilities of NPOs to TF risk, as well as additional statistics.