As financial fraud continues to evolve in sophistication and scale across the region, the UAE is stepping up with a coordinated regional response. It has proposed a regional initiative to combat cross-border fraud and related money laundering, warning that conflicts across the Middle East have driven a surge in financial crime.
“Fraud has become the biggest and most widespread crime today, and it targets everyone, from children to the elderly,” said anti-money laundering official Hamid Saif Al Zaabi.
Al Zaabi, who serves at the Secretary-General of the National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) and President of the Middle East and North Africa Financial Action Task Force (MENAFATF), confirmed the proposal will be formally presented at the group’s plenary meeting in Abu Dhabi in November. The briefing was held at the Abu Dhabi on the sidelines of the 15th United Nations Congress on Crime Prevention and Criminal Justice.
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Al Zaabi explained that proceeds from fraud are considered dirty money, which criminals funnel through financial institutions, and funds that may ultimately finance other crimes including human trafficking and terrorism financing.
Cross-border fraud
A key driver behind the initiative is the cross-border nature of fraud itself, where a scheme may originate in one country, target victims in another, and move proceeds through a third. Al Zaabi noted that risk assessments across the region have consistently flagged fraud as a high-priority threat, with its reach expanding alongside the instability brought by recent regional conflicts. The more open a country’s financial system, he added, the greater its exposure.
Artificial intelligence has already been deployed in a recent regional risk assessment, compressing what would typically be a year-long process into just five days, with results comparable to traditional expert-led evaluations. AI tools will also play a central role in the initiative, helping authorities map fraud typologies and identify regulatory gaps across member states.
The initiative includes four to five regional workshops for member countries to exchange expertise and share intelligence on fraud patterns. A dedicated working group drawn from member states will study national risk assessments, identify legislative gaps, and develop targeted strategies and legislation to counter fraud-related money laundering.
UAE’s strategy
The UAE, which in 2024 completed all 15 of the Financial Action Task Force’s recommendations and was removed from its enhanced monitoring list, operates through a national anti-money laundering strategy involving 94 government entities spanning legislative, security, and regulatory bodies. In April 2026, the national committee adopted a new National Guide on Financial Intelligence and Money Laundering Investigations, updating procedures for tracking and confiscating assets and coordinating among competent authorities, a framework Al Zaabi described as a regional benchmark for nations working to strengthen their defences against financial crime.
Source: Khaleej Times
