The UAE cooperates with 14 countries in combating money laundering and terrorist financing

The UAE cooperates with 14 countries in combating money laundering and terrorist financing
The UAE cooperates with 14 countries in combating money laundering and terrorist financing

The UAE Anti-Money Laundering and Terrorist Financing Group of Experts held fruitful meetings with key partners to discuss issues related to combating money laundering and terrorist financing.
These meetings extended from July to mid-September, with counterparts in about 14 countries, including Argentina, Brazil, China, Hong Kong (Special Administrative Region, China), India, Israel, Italy, Malta, Mexico, New Zealand, Singapore, Sweden, the United States and the United Kingdom, which come within the framework of previous meetings held With other key partners, including Saudi Arabia, the Gulf Cooperation Council, the European Commission and Russia.
During the recent meetings, detailed discussions were held on a set of reforms taken within the country’s previous, current and future efforts to combat money laundering and terrorist financing, which aim to create a sustainable system to counter money laundering and terrorist financing in the UAE, including an assessment of topical and sectoral risks, and the beneficial ownership system in The UAE, investigations and prosecutions related to money laundering, and the importance of providing the public and private sectors with the necessary tools to strengthen defenses and compliance controls for financial crimes in the UAE.
In addition, the ongoing efforts within the framework of the National Action Plan were highlighted through the Higher Committee overseeing the national strategy for combating money laundering and terrorist financing, the Executive Office for Combating Money Laundering and the Financing of Terrorism, and the National Committee for Combating Money Laundering and Financing of Terrorism to coordinate the UAE’s approach to strengthening framework to combat this crime.
Evidence of UAE efforts and recent significant achievements in this regard was also provided, including recent meetings held by the Public-Private Partnership Committee, which includes 16 government agencies and private sector institutions in an alliance to enhance collective efforts to improve investigation and prosecution procedures in Financial crimes through intelligence sharing and analysis.
International cooperation also remained at the top of the agenda during the meetings, with ongoing examples of cooperation with international partners relayed by the Ministry of Justice, the Ministry of Foreign Affairs and International Cooperation, the Financial Information Unit (FIU), the Ministry of the Interior, supervisory authorities, and law enforcement authorities.
These meetings provided an important opportunity to learn from the UAE’s partners in adopting best practices to combat money laundering and terrorist financing, in line with the global and regional threats posed by illicit financing.
Amna Fikry, Director of the Department of Economic and Commercial Affairs at the Ministry of Foreign Affairs and International Cooperation, said: “It is a great honor to explain the significant progress that has been made to our international partners with whom we are committed to working closely as we look to maintain the integrity of the international financial system.. We will continue to accelerate our detection capabilities. On the risks of money laundering and terrorist financing, investigate and understand them as we develop compliance frameworks for financial crimes in the UAE and abroad, within the framework of a continuous focus on the sustainability and effectiveness of the national system to counter money laundering and terrorist financing.”
(Loan)

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UAE cooperates countries combating money laundering terrorist financing

 
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