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UAE becomes observer member of Financial Action Task Force's Euro-Asian Group

The country also holds observer status in the Asia-Pacific Group on Money Laundering and is a full member of the Middle East and North Africa Financial Action Task Force

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Photo: KT file

By WAM

Published: Fri 29 Nov 2024, 9:20 PM

The UAE has officially joined the Eurasian Group on Combating Money Laundering and Terrorist Financing (EAG) as an observer, becoming the first country in the region to achieve this status.

The UAE also holds observer status in the Asia-Pacific Group on Money Laundering (APG) and is a full member of the Middle East and North Africa Financial Action Task Force (MENAFATF).

The observer status allows the UAE to actively engage in discussions within the Eurasian Group, collaborating with member states to strengthen regional efforts in combating money laundering and terrorist financing.

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As an observer, the UAE will contribute its expertise, support key initiatives, and foster cooperation with EAG members to enhance the regional framework for tackling financial crimes.

Observer status is extended to 16 countries and 23 international organisations, all working collectively to advance the fight against financial crimes that impact economic stability and security on a global scale.

As part of the Financial Action Task Force (FATF) global network, the UAE's accession to the EAG further underscores its active role in international efforts to combat financial crime.

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WAM

Published: Fri 29 Nov 2024, 9:20 PM

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