The UAE’s rich history as a global trading hub has attracted businesses worldwide, yet it has also grappled with financial crimes such as money laundering and terrorist financing. In response to these challenges, the UAE has implemented a robust legal framework for Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT). Joining the FATF in 2004, the UAE has consistently taken measures to bolster its AML and CFT initiatives.
A significant milestone was the enactment of Federal Law No. 4 of 2002, criminalizing money laundering and prescribing penalties for offenders. In 2002, the Anti-Money Laundering and Suspicious Cases Unit (AMLSCU) was established to oversee AML/CFT efforts. The year 2010 saw the creation of the National Anti-Money Laundering Committee (NAMLC) to coordinate AML endeavors and promote international collaboration in the fight against financial crimes.