3rd Enhanced Follow-up Report for the United Arab Emirates

The Memorandum of Understanding of MENAFATF prescribes that the Plenary approves an-going program of mutual evaluations prepared by the secretariat, with the participation of all members in the implementation.

The MENAFATF shall carry out the second round of the Mutual Evaluation of its members’ compliance with the Forty Recommendations on Combating Money Laundering and Financing of Terrorism and proliferation issued in 2012 and by using the 2013 AML/CFT Methodology for assessing technical compliance with FATF recommendations and the effectiveness of AML/CFT systems. The objective of Mutual Evaluations is to assess a country’s AML/CFT regime and its effectiveness for each country apart.

The scope of the evaluations will involve two inter-related components: technical compliance and effectiveness. The technical compliance component will assess whether the necessary laws, regulations or other related AML/CFT measures are in force and effect, and whether the supporting AML/CFT institutional framework is in place. While the effectiveness component will assess whether the AML/CFT systems are working, and the extent to which the country being assessed has achieved the defined set of outcomes.