UAE’s New Plan to Stop Money Laundering and Terrorism Funding
Recently, the United Arab Emirates has initiated a new campaign against money crimes entitled the National Strategy for Anti-Money Laundering and Countering Financing of Terrorism. This vital plan was approved during a special meeting led by Sheikh Mohammed bin Rashid Al Maktoum, one of the leading leaders in the United Arab Emirates.
The crucial element, however, remains adherence to regulations at banks and companies, even in the realm of digital currency transactions. The UAE is optimistic that with more financial intelligence, it will be able to keep up with those who break the law regarding money. They also want to make it clearer who really owns companies in the country and prevent bad actors from hiding behind fake businesses.
His Highness Sheikh Mohammed stated that the plan will be used to give the UAE economy more openness and credibility, hence making good governance more foundational within their national economy.
Schools and Universities Receive Students
The conference also touched on the issue of education in the UAE. In late August, there were 1.1 million students who began to attend school. The government and private universities welcomed students too. Sheikh Mohammed showed optimism for this school year to be an excellent one and that it would create more development within the country and realize the aspirations of the nation.
Sustaining an Excellent Growth of Businesses in the UAE
Business entities that were established in the jurisdiction of the UAE expanded at an exponential rate. For instance, there were about 405,000 companies in mid-2020. By mid-2024, the number of companies registered in the UAE reached 1,021,000, which is up from 407,000 in 2020, an increase of 152% in four years, which cannot but indicate the UAE’s economy as a corporate hub.
UAE to be among the World’s Leading Business Destinations
After all, the UAE is in a hurry to be among the top countries that are preferred by investors to do business. The country now boasts among the 5th fastest-growing economy in the world. Foreign firms invested 112 billion dirhams in the UAE in 2023-an indication that the international community has confidence in the UAE’s economy. On the other hand, the UAE has been the second-best location globally for new foreign business ventures after the United States of America.
Planning for the Future
The UAE government has also stepped up for the coming year as well as for the next year. The conferences will be held on 5 & 6 th November 2024. Three of the hot topics that will be addressed include; family, national identity, and artificial intelligence. In this respect, the government invites all departments to bring their innovative thinking to bear with concepts and actions that advance the nation to a further degree in terms of development and are in line with national goals.
Also Read | BRICS Membership Boosts UAE’s Global Economic and Environmental Efforts
Be Part of the Global Change for a Brighter Future
The UAE also plays a role in the endeavours of the world towards environmental enhancement. They have joined a global team known as the ‘Nationally Determined Contributions Partnership’. This alliance is for the improvement of the world and assists in combating the issues of climate change; therefore, it is in line with the UAE’s commitment to sustainability.
UAE Gov’t Finances
The UAE’s government has gone ahead to publish financial records of revenues and expenditures, for the financial year 2023. The revenues and expenditures reported are 546 bn dirhams and 402 bn dirhams. All the money is apportioned among the following spheres: public safety, health care, education, economic affairs, social support, housing, and public services.
He concluded by announcing that the UAE would go further in its utilization of means that improve the benefit to its people and further enhance the future of the country. He was also confident that the nation’s journey ahead would be success-oriented with prosperity.
