After the 2020 Mutual Evaluation Report (MER) by the FATF, the UAE undertook a series of strategic enhancements to its AML/CFT/CPF regime. The Central Bank of the UAE, as part of the Supervisory Sub-committee, actively contributed to the development and execution of a revised National Strategy and National Action Plan aligned with the risks identified in the MER and the UAE’s National Risk Assessment.

Some of the key efforts include:

- Revision of the National AML/CFT/CPF Strategy to reflect updated risk assessments and to guide policy across federal and emirate levels.

- Implementation of a more detailed National Action Plan, involving multiple domestic stakeholders and authorities, with responsibilities, timelines, and measurable steps.

- Enhanced supervisory focus on risk-based supervision and the application of risk-based approaches (RBA) across financial institutions and DNFBPs (Designated Non-Financial Businesses and Professions).

- Strengthened legislative and regulatory reforms, including updates to beneficial ownership requirements, improved mechanisms for targeted financial sanctions (TFS) implementation, and improved metrics for measuring effectiveness.

- Increased engagement with the private sector through outreach sessions, and guidance to raise awareness of institutions level on AML/CFT/CPF obligations.

In February 2024, the UAE was removed from FATF’s “Jurisdictions under Increased Monitoring” (“grey list”), reflecting significant advances in its AML/CFT implementation.

These reforms reflect the UAE’s commitment to moving beyond mere reporting, toward measurable improvements in supervision, coordination, and enforcement that align with evolving FATF standards and Methodology.  For further details on CBUAEs journey of transformation kindly refer to (hyperlink Anti-Money Laundering Department Journey).