Activities of the "First Forum to Promote Business Sectors to Combat Money Laundering

 Financial Compliance Forum 

                                                     

UAE Launches Forum to Enhance Compliance with Anti-Money Laundering Requirements for 2026

The first forum to enhance compliance with anti-money laundering requirements for designated non-financial businesses and professions (AML/CFT) for 2026 commenced today, in Abu Dhabi.

Organized by the Ministry of Economy and Tourism and the Ministry of Justice, the forum is being held at the Ministry of Justice headquarters in Abu Dhabi, with broad participation from private sector representatives and experts specializing in combating money laundering and terrorist financing.

The forum is part of ongoing efforts to implement the National Strategy for Combating Money Laundering and Terrorist Financing. It represents a new platform for strengthening dialogue between the Ministries of Economy and Tourism and Justice regarding mechanisms to enhance compliance in designated non-financial businesses and professions. 

These sectors include real estate brokers and agents, precious metals and gemstones dealers, independent accountants and auditors, corporate service providers, and lawyers and legal advisors. This aligns with international standards for protecting the financial system from illicit exploitation and strengthens the UAE's international standing in this field.

The forum featured a series of panel discussions and presentations focused on supporting the implementation of existing legislation and legal procedures in the field of combating money laundering and financial crimes. This included conducting high-quality customer due diligence and raising awareness among relevant private sector establishments about the importance of reporting any suspicious financial activities.

Counselor Salem Ahmed Al-Tunaiji, Director of the Anti-Money Laundering and Counter-Terrorism Financing Department at the Ministry of Economy and Tourism, affirmed the Ministry's commitment to building an integrated system to enhance legislative compliance with anti-money laundering regulations. 

This system relies on the latest technologies and advanced technological infrastructure to ensure efficient and effective oversight and monitoring of designated non-financial businesses and professions. This, in turn, contributes to strengthening confidence in the country's business environment and protecting the reputation of the national economy at both the regional and international levels.

For his part, Judge Dr. Abdullah Al-Rashed, Director of the Anti-Money Laundering and Counter-Terrorism Financing Department at the Ministry of Justice, emphasized that regulatory bodies aim, through holding such forums, to enhance compliance by designated non-financial businesses and professions with anti-money laundering and counter-terrorism financing requirements.

He added that these sectors include real estate brokers and agents, precious metals and gemstones dealers, independent accountants, corporate service providers, and lawyers and legal advisors, who are responsible for implementing rigorous controls for reporting suspicious activities and identifying and verifying clients in accordance with international best practices.

He explained that the Ministries of Justice and Economy and Tourism are therefore working to further enhance the understanding of regulatory requirements within these sectors, as well as among their respective staff, thereby contributing to establishing a culture of compliance as a core part of their operational and regulatory responsibilities.

The second session focused on the outcomes of the National Risk Assessment, which provided a comprehensive understanding of the challenges associated with money laundering and terrorism financing across various sectors, particularly designated non-financial businesses and professions.

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The forum also highlighted some challenges facing the implementation of due diligence requirements, such as limited resources, the need to enhance specialized expertise and a thorough understanding of legislation, the reliance on manual processes, and the inadequacy of current technological tools. 

This necessitates strengthening internal policies and procedures and developing human resources to guarantee full legislative compliance with the regulatory standards for these requirements.

The forum concluded with a presentation by the Ministry of Economy and Tourism on the practical methodology for mutual evaluation by the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF). 

The presentation reviewed the efficiency and effectiveness of the national anti-money laundering and counter-terrorism financing system through an analysis of technical compliance with recommendations and an assessment of the practical outcomes of the national financial system.