Hamed Al Zaabi, Secretary and Deputy Chairman of the National Committee for Combating Money Laundering, Terrorism Financing and Financing of Illegal Organizations, emphasized the importance of the role of the private sector in conducting national risk assessments. The submitted more than 8000 questionnaires reflect the active response of this sector to risks related to money laundering and terrorism financing, which contributed to an increase in public awareness in this area. Reports, presented by financial and non-financial institutions, as well as the private sector, indicated a 26% increase in 2024, reflecting the enhanced collective understanding of the identified risks.
The national risk assessment led to important legal changes, including the update of the law on combating money laundering in 2024 for the development of types of financial crimes. Virtual assets are considered one of the highest risks in the world, and the FATF continues to improve the financial sector thanks to the deep and comprehensive understanding of these risks.
Al Zaabi noted that the previous assessment played a significant role in promoting progress in 2024 and led to the development of the National Strategy on combating money laundering and financing of terrorism for the years 2024-2027. This strategy contains 11 main and 50 supplementary goals, including more than 250 initiatives for their achievement by 2027. Al Zaabi emphasized the importance of updating the national legislation and policies in cooperation with the highest global standards, showcasing readiness for mutual assessment with the FATF, which will begin at the end of the current year.
He also mentioned that the role of the FATF as a substitute chairman of the FATF for the region of the Middle East and North Africa in 2025 allows the country to play a key leading role in the development of technical initiatives for the countries in the region, as well as actively participate in seminars and share experiences. This contributes to supporting these countries in preparing for the assessment procedures of the FATF with the updated methodology.
Furthermore, he added that the FATF continues to play a key role in countering global financial crimes, including narcotics and financial fraud, through strict preventive measures. In this context, meetings with leading countries, such as the USA and France, have been held to discuss global plans for combating the mentioned crimes. There are also upcoming meetings with the European Union and other countries to further enhance efforts in this direction.
Al Zaabi emphasized FATF's commitment to strengthening its position as the main voice for financial and economic stability at the international level through continuous innovation and international cooperation. He noted that the FATF continues to work towards ensuring economic and financial security in the region and globally, through sectoral preventive measures that ensure stable and secure environments for all.
