UAE sets National Strategy for Anti-Money Laundering and Countering Financing of Terrorism
Sheikh Mohammed bin Rashid chairs Cabinet meeting outlining fiscal achievements
Abu Dhabi: The UAE Cabinet has endorsed the National Strategy for Anti-Money Laundering and Countering Financing of Terrorism, during its meeting chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, at Qasr Al Watan in Abu Dhabi on Monday.
He said the Strategy aims to “ensure the sustainability of oversight on financial institutions and virtual assets service providers, reinforcing the principles of governance and transparency in our national economy”.
The move seeks to increase the production and use of financial information to support investigations in money laundering cases, prosecutions, and confiscations and recovery of assets.
Among its objectives is improving transparency of ‘Real Beneficiary’ procedures and preventing the misuse of legal entities and structures in the UAE.
The meeting also reviewed the progress of the new academic year as UAE schools welcomed 1.1 million pupils at the end of August, and both national and private universities opened their doors to students.
“Today [Monday], I chaired a Cabinet meeting at Qasr Al Watan in Abu Dhabi, marking the first meeting of the new government season. At the beginning of the meeting, we were briefed on the progress of the new academic year, where our schools received 1.1 million pupils, and studies commenced at our national and private universities under the clear directives of my brother, the President of the UAE [His Highness Sheikh Mohamed bin Zayed Al Nayhan],” the Vice President shared on his X account.
“We look forward to a successful academic year and an educational process capable of fulfilling the nation’s aspirations.”
Over 1 million companies in UAE
He added: “During today’s Cabinet meeting, we reviewed the significant progress in developing our country’s economic and investment systems. The economic decisions made by the government during and after the COVID-19 pandemic have led to real and tangible achievements. According to the National Economic Register [NER], the number of companies in the country reached 405,000 by the end of the first half of 2020. In just four years, this number has surged to 1,021,000 by mid-2024, reflecting a growth rate of 152 percent.”
Record foreign investment
The UAE has experienced rapid economic growth, ranking fifth globally in real GDP growth and among the top 10 economies worldwide in competitiveness indicators. The country also attracted a record Dh112 billion in foreign direct investment (FDI) in 2023 and secured second place globally, after the US, in the number of FDI projects, with 1,323 new projects—a 33 percent increase over the previous year.
“Since the COVID-19 pandemic, the government has issued 30 decisions, laws, and economic policies that have significantly accelerated our economic growth. We assure everyone that the government will continue on this path, and our economic future is stronger and brighter,” Sheikh Mohammed emphasised.
Agenda for Annual Meetings
The Cabinet approved the agenda for the UAE Government’s Annual Meetings, scheduled to be held in Abu Dhabi on November 5 & 6, 2024, These meetings will focus on three main tracks: family, national identity and artificial intelligence. “We have urged all relevant entities to present ideas, initiatives and projects that will contribute to the development of their sectors, support our national priorities and help develop a clear national agenda for 2025,” the Vice President said.
UAE joins global coalition
The Supreme Committee for Free Trade Negotiations has been restructured, now chaired by the Minister of Economy. The Cabinet approved having the UAE join a global coalition known as the ‘Nationally Determined Contributions (NDC) Partnership’. The NDC Partnership’s coalition aims to advance the Sustainable Development Goals and develop essential tools for adapting to climate change,” Sheikh Mohammed said.
Dh546 billion government revenue
The Cabinet also approved the unified government financial statistics at the state level for the year 2023. According to the statistics, government revenues amounted to Dh546 billion, while expenses totalled Dh402 billion. The key areas of government spending included security, public safety, health, education, economic affairs, social protection, housing, and utilities.
“Our nation’s resources continue to grow, and we remain committed to using them in serving our people, our institutions, our economy, and the future of our nation’s journey. We ask Allah to protect our country and its people and guide us to succeed in our future endeavours and projects.”