The establishment of executive office of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) has been approved by the United Arab Emirates cabinet chaired by Sheikh Mohammed Bin Rashid Al Maktoum. Rashid is also the Vice President, Prime Minister and ruler of Dubai.

According to sources, the executive office will oversee the implementation of the UAE’s  National AML/CFT strategy and National Action Plan (NAP), the programme of reforms designed to strengthen the country’s anti-financial crime system.

The Director-General of the executive office of the UAE is appointed to Hamid Al Zaabi. Zaabi will report directly to the higher committee overseeing the UAE’s national AML/CFT strategy, chaired by Sheikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation.

Zaabi said, “In light of the vision of the UAE’s leadership, and the guidance of the Chair of the Higher Committee overseeing the UAE’s National AML/CFT Strategy, the UAE takes its role in protecting the integrity of the global financial system extremely seriously. The scale and complexity of financial crime has increased. So too has the UAE’s awareness and understanding of it. That is why the UAE is committed to take action.”