Washington D.C., USA: A recent Article IV report by International Monetary Fund has praised the UAE’s Executive Office of the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) for its substantial efforts to improve its AML/CTF response in line with “deficiencies identified by the Financial Action Task Force.”
The AML/CTF Unit managed by the Central Bank of the UAE (CBUAE) was also applauded for its efforts to “operationalize a new risk-based supervisory framework.”
The report which was published last week emphasized that “Directors welcomed the progress made with the AML/CFT framework and encouraged the authorities to sustain the reform momentum” while welcoming “progress to strengthen AML/CFT measures.”
The acknowledgement of our national efforts to improve our collective response to money laundering and terrorism financing from a respected institution such as the International Monetary Fund highlights the agility of the UAE to recognize challenges and address them in an organized and methodical manner. Through ongoing cooperation with both local and international regulators, we will continue to safeguard the country’s financial sector from illicit activity.
Mr. Hamid Al Zaabi, Director-General of the Executive Office of Anti-Money Laundering and Counter Terrorism Financing remarked while commending on the publication of the report.
Apart from the mentions of high-level efforts made by UAE entities, the IMF report also called out the country’s new legislation, which “was passed to require the submission of beneficial ownership information by all legal entities registered in the UAE.”
The report also noted that the UAE had “delivered several important legislative and institutional reforms.”
IMF ARTICLE IV
An annual affair, the IMF Article IV consultations include a press release, informational annex, and staff report, which is prepared by IMF team members for the Executive Board’s consideration.
Typically, the report includes an in-depth assessment of the country’s current socioeconomic status while recognizing achievements and highlighting areas of improvement.