UAE makes progress in its anti-money laundering drive

The Financial Action Task Force (FATF) has recognised that the UAE has made positive progress in its anti-money laundering (AML), countering the financing of terrorism (CFT), and counter proliferation financing (CPF) efforts.

With the aim of ensuring the success and sustainability of the UAE’s efforts to strengthen its anti-financial crime framework, FATF has announced that it has placed the UAE under increased monitoring.

The UAE has indicated its strong commitment to working closely with FATF to address remaining areas of improvement through the implementation of an action plan. Noting that the UAE has “significantly strengthened” its anti-financial crime framework, the action plan builds on the firm foundations established and important efforts already underway.

“The UAE takes its role in protecting the integrity of the global financial system extremely seriously and will work closely with the FATF to quickly remedy the areas of improvement identified. On this basis, the UAE will continue its ongoing efforts to identify, disrupt and punish criminals and illicit financial networks in line with FATF’s findings and the UAE’s National Action Plan, as well as through close coordination with our international partners,” said the UAE’s executive office of Anti-Money Laundering and Countering the Financing of Terrorism.

Top officials reaffirm commitment

The UAE’s commitment to advancing efforts to combat money laundering and counter terrorist financing remains a key pillar underpinning the country’s status as an attractive global business hub that operates in line with international standards. Moreover, robust actions and ongoing measures taken by the UAE government and private sector are in place to secure the stability and integrity of the country’s financial system.

Senior officials have reaffirmed the UAE’s strong commitment and ongoing efforts in relation to AML and CFT. They said the UAE continues to implement an array of sophisticated and significant actions to combat financial crime and strengthen the effectiveness of the AML/CFT framework in line with the National Strategy for AML/CFT and the National Action Plan of the UAE.

Senior officials underscored the UAE’s commitment at the highest level and reiterated that combating financial crime following the global AML/CFT agenda remains a strategic priority for the UAE.

Lt.-General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, said the ongoing efforts to enhance the UAE’s anti-money laundering system are a testament to our strong commitment to combating this global problem as a strategic priority.

“I commend the tremendous efforts of the UAE’s Ministry of Finance, Ministry of Justice, Public Prosecution, Ministry of Economy, UAE Central Bank, UAE Security and Police Forces, Federal Customs Authority, Financial Intelligence Unit and all the UAE entities that are working closely and diligently together to fight financial crime,” he said.

“Our efforts to protect our security and economic prosperity will always come first. This means that the Ministry and the UAE law enforcement will continue to investigate and apprehend complex criminal networks and their assets in close coordination with our domestic and international partners,” Sheikh Saif said.

Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Chairman of the Higher Committee Overseeing the National Strategy to Combat Money Laundering and Terrorist Financing, said the UAE is keen to accelerate the pace of the National Action Plan to combat money laundering and terrorist financing, as this file constitutes a strategic priority for the country.

“In my capacity as Chairman of the Higher Committee Overseeing the National Strategy to Combat Money Laundering and Terrorist Financing, I would like to underscore the UAE’s commitment at the highest level by strengthening our national AML/CFT framework, including by working closely with FATF, our international partners, and the private sector on a sustainable and ongoing basis,” he said..

“Financial crime is a concern for all major economies, and we in the UAE are approaching this matter with the utmost seriousness. By continuing with our disciplined approach, we will make a genuine difference in our ability to prevent illicit financial flows and achieve our goal of making the UAE one of the strongest and most respected economies in the modern world,” Sheikh Abdullah said.

Sophisticated financial system

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, said the UAE remains firmly committed to further strengthening efforts to uphold the stability and integrity of the financial system.

“We will closely examine the detailed recommendations received from our international partners and FATF and ensure these are swiftly addressed and implemented in the coming period and over the long term,” he said.

— muzaffarrizvi@khaleejtimes.com