UAE

UAE cracks down on financial crimes with record asset seizures

The UAE seized assets worth over AED 2.3 billion last year for rule violations

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Rana Tabbara

Senior Business Producer

Rana Tabbara is a UAE-based reporter and content creator known for dynamic storytelling, impactful reporting, and high-profile interviews. She interviewed leaders including the UAE Minister of Energy, the Australian Prime Minister, the Saudi Minister of Tourism, the Armenian Minister of Economy, and CEOs of major companies. Rana covered big events like the World Government Summit, LEAP, Cityscape KSA, IDEX, among others. Her previous experiences include The New York Times, CNN Business Arabic, and L'Orient-Le Jour.

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UAE cracks down on financial crimes with record asset seizures

The UAE imposed fines exceeding AED 254 million ($69 million) in 2023

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  • New amendments to anti-money laundering regulations enhance the UAE’s ability to combat financial crimes.
  • The UAE signed 45 mutual legal assistance treaties, with plans to expand international cooperation in 2024 and 2025.

    • The UAE has reported significant strides in its ongoing efforts to combat money laundering and terrorist financing, seizing assets worth over AED 2.348 billion ($639 million) last year for rule violations.

    Hamid Al Zaabi, Secretary-General of the National Committee for Anti-Money Laundering and Countering the Financing of Terrorism and Illegal Organizations (NAMLCFTC), outlined the nation’s progress in tackling financial crimes. This initiative aims to protect the integrity of the UAE’s financial and economic systems, as well as to safeguard the global financial network.

    Speaking at the 2024 Asia Pacific Group on Money Laundering Annual Meeting and Technical Assistance and Training Forum in Abu Dhabi, Al Zaabi discussed recent updates to the UAE’s anti-money laundering and counter-terrorism financing regulations.

    In 2023, the UAE levied fines exceeding AED 254 million ($69 million) related to money laundering violations and seized assets valued at over AED 2.348 billion ($639 million).

    The Central Bank conducted more than 115 field inspections, resulting in fines totaling nearly AED 113 million ($31 million), while the Ministry of Economy carried out 3,371 inspections, imposing fines of AED 101 million ($27 million). Suspicious activity reports in the gold sector soared from 223 in 2021 to 6,432 in 2023.

    This led to a significant enforcement crackdown, with fines amounting to AED 78.65 million ($21 million) and the suspension of 32 local gold refineries for non-compliance with anti-money laundering laws, citing 256 violations between July and October 2024.

    The UAE has also strengthened its international cooperation, signing 45 mutual legal assistance treaties, with plans to expand these agreements in 2024 and 2025.

    In a recent move, the UAE Cabinet appointed the NAMLCFTC to replace the Executive Office for Anti-Money Laundering and Countering the Financing of Terrorism, transferring all its rights and obligations to the newly established body, in line with amendments made under Federal Decree Law No. (7) of 2024.

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