What emerging financial crime risks did the UAE flag in 2024?
The 2024 assessment drew attention to a number of emerging risks that require closer supervision. These include the misuse of virtual assets and virtual asset service providers, trade-based money laundering, and cyber-enabled crime such as cyberattacks that involve virtual assets. These channels allow value to move quickly, across borders and with a degree of anonymity that traditional methods do not offer.
Regulated firms are expected to keep their risk assessments current as these threats evolve. UAE law specifically requires firms to identify and assess the risks arising from new products, new business practices and new or developing technologies before they are launched, which directly captures many of these emerging risks.
Legal Reference (UAE):
· UAE National Risk Assessment 2024 (NAMLCFTC): highlights virtual assets, trade-based money laundering and cyber-enabled crime as emerging risks.
· Cabinet Resolution No. 134 of 2025 (Executive Regulations), Article 24: firms must assess risks arising from new products, practices and technologies.
For more details, consult the full text of the National Risk Assessment or seek guidance from your AML compliance officer.