The United Arab Emirates has launched its third National Risk Assessment (NRA) on money laundering, terrorist financing and proliferation financing. It is the broadest exercise the country has carried out in this area to date, covering more than twenty economic sectors and twenty-one categories of predicate offences, including drug trafficking, fraud, bribery, counterfeiting and tax evasion. Information will be gathered from 84 federal and private entities.
What the assessment covers
One of the main new features of the process is the use of artificial intelligence tools, which will make it possible to process far larger volumes of data and to detect patterns that would hardly emerge from a manual review. The methodology rests on three factors: threat, vulnerability and consequence. From them, a detailed map of the risks facing the UAE financial system will be drawn up.
The findings will feed directly into the National Strategy 2024-2027 and will guide supervisory priorities and policy decisions over the coming years. The National Committee has stated that the results will be shared with both the competent authorities and the private sector, with the aim of aligning risk management practices across the financial system.
The announcement comes at a significant moment. In 2024, the United Arab Emirates was removed from the grey list of the FATF (Financial Action Task Force) after successfully completing the mutual evaluation based on its second NRA. This third edition is therefore intended to consolidate those reforms, identify new vulnerabilities and prepare the country for the next international evaluation cycle.
What it means for Spanish companies
What does this mean for Spanish companies operating in the UAE or planning to set up there? More scrutiny, especially in day-to-day dealings with banks. Opening an account or moving funds will require more detailed proof of who the company’s ultimate beneficial owner is, where the money comes from and what the business does. In sectors such as real estate or precious metals trading, supervision will be even tighter. It is advisable to keep corporate documentation up to date and to review compliance procedures before the bank or the regulator asks for them. For those who arrive with everything in order, a more demanding system is also a guarantee: the UAE wants to make it clear that it is a reliable market to invest in. From our Dubai office, we help Spanish companies arrive with everything in order. If that is your case, let’s talk.
