WorkFusion claims that this action is a component of a larger initiative to solidify Dubai's position as a major international financial center. By combining robust governance with cutting-edge technology, the UAE is preventing financial crime in accordance with the highest international standards.

The UAE's tech-forward strategy is demonstrated by a recent change in the banking industry. In the Middle East, notable partnerships like the one between Citi and Emirates NBD have made cross-border US dollar payments available around-the-clock.

The extensive use of mobile technology in financial services is further demonstrated by the UAE-based Mashreq's Neopay terminals, which now enable unified payments for interbank peer-to-peer and person-to-merchant transactions via mobile applications.

The nation has embraced open banking more quickly than even Europe has. International Banker claims that by efficiently exchanging knowledge and utilizing regional best practices, the UAE, Bahrain, and Saudi Arabia are setting the standard in the Middle East.

On September 2, 2023, the UAE government formally unveiled its National Strategy for AML/CFT/CPF for 2024–2027 after extensive private sector discussions. This plan fixes earlier strategic flaws found by the Financial Action Task Force (FATF) and conforms to international standards. As a result of the UAE's improved regulatory procedures, the FATF recognized these efforts by removing the nation off its Grey List in February 2024.

Increasing outward requests for mutual legal aid to fight money laundering and terrorism funding, improving oversight of non-financial enterprises, and giving the Financial Intelligence Unit more resources are some of these actions. These activities demonstrate a thorough comprehension of risks and a strong application of compliance protocols in both the financial and non-financial sectors.

His Majesty Speaking on the UAE's proactive regulatory approach, Sheikh Abdullah bin Zayed Al Nahyan emphasized how it helps to solidify the country's standing as a global center for commerce and finance. Simon Sharp of Global Ventures echoed his views when he said that the UAE's FinTech industry is predicted to develop at a rate of almost double by 2029, which will help startups and draw in international companies.

The CEO of Grant Thornton UAE, Hisham Farouk, also highlighted the wider economic advantages of these strict regulatory measures, pointing to a rise in technology, e-commerce, and real estate activity backed by robust legal and regulatory frameworks.

The UAE's shift from an economy mostly reliant on oil to a diversified powerhouse perfectly captures its overall economic approach. The UAE's future appears bright as the country's finance industry, currently the third-largest in the country and a key contributor to its non-oil GDP, continues to diversify its economy and cements Dubai's position as a major worldwide financial hub.