Abu dhabi: The Ministry of Economy and Tourism, in collaboration with the Ministry of Justice, has inaugurated the first forum of 2026 aimed at improving the compliance of Designated Non-Financial Businesses and Professions (DNFBPs) with Anti-Money Laundering (AML) stipulations. Held at the Ministry of Justice headquarters, the event gathered private-sector representatives and experts in anti-money laundering and combating the financing of terrorism (AML/CFT).
According to Emirates News Agency, the forum is part of a broader effort to implement the national AML/CFT strategy framework. It served as a crucial platform for dialogue between the Ministry of Economy and Tourism and the Ministry of Justice to explore mechanisms that can bolster compliance within the DNFBP sector. This sector includes a wide array of professionals such as real estate brokers, dealers in precious metals and stones, independent accountants, corporate service providers, and legal consultants.
The initiative is aligned with international best practices, aiming to protect the financial system from illicit abuse and to fortify the country's global standing in this field. The forum featured panel discussions and presentations focused on the implementation of applicable legislation and legal procedures related to anti-money laundering and combating financial crimes. The sessions stressed the importance of effective customer due diligence and heightened awareness among private-sector entities about the necessity of reporting suspicious financial activities.
Counsellor Salem Ahmed Al Tunaiji, Director of the AML/CFT Department at the Ministry of Economy and Tourism, emphasized the Ministry's commitment to building an integrated framework for enhancing AML compliance. This includes adopting advanced technologies and digital infrastructure to ensure efficient monitoring and oversight of the DNFBP sector. Al Tunaiji highlighted that these initiatives have bolstered confidence in the nation's business environment while safeguarding the national economy's reputation at regional and international levels.
Judge Dr. Abdullah Al Rashid, Director of the Anti-Money Laundering and Counter-Terrorism Financing Department at the Ministry of Justice, stated that regulatory authorities organize such forums to strengthen DNFBP compliance with AML/CFT standards. He pointed out that professionals like real estate brokers and legal consultants are responsible for implementing robust controls to report suspicious activities in line with global best practices.
The forum's inaugural session presented a vision for enhancing the role of supervisory authorities in DNFBP sector oversight, attended by Counsellor Salem Al Tunaiji and Judge Dr. Abdullah Al Rashid. The vision underscored the necessity of collaborative efforts among government entities to strengthen supervision and oversight. This will be achieved by adopting strong legislative frameworks, effective information exchange, and continuous coordination with the private sector to ensure comprehensive risk understanding and high compliance levels with AML/CFT legislative requirements.
Subsequent sessions highlighted the UAE National Risk Assessment outcomes, offering insights into the challenges of money laundering and terrorism financing crimes, particularly within DNFBPs. The sessions also accentuated the role of this assessment in enabling supervisory authorities to unify efforts, develop regulatory frameworks, and strengthen compliance mechanisms based on risk assessment methodologies.
Presentations during the forum covered customer due diligence (CDD) requirements for DNFBPs, stressing the need for robust due diligence measures, including verifying customer identities and assessing risks throughout business relationships. These measures aim to enhance monitoring, detect suspicious activities, and ensure compliance with AML/CFT standards.
Challenges in implementing due diligence requirements were also discussed, including limited resources, gaps in expertise and understanding of legislation, and reliance on manual processes. Addressing these requires strengthening internal policies and developing human capabilities to ensure compliance with legislative standards.
The forum concluded with a presentation by the Ministry of Economy and Tourism on the mutual evaluation methodology by the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF). The presentation assessed the AML/CFT framework's compliance with FATF recommendations and practical outcomes, offering key recommendations to achieve high compliance and transparency levels.