Combating Financial Crime: UAE’s Efforts Yields Positive Results

The United Arab Emirates (UAE) has been actively working towards combating financial crime, particularly money laundering and terrorist financing. Here are some key highlights of the country’s efforts:

Investing in Technology to Combat Smuggling Operations

• The UAE has introduced a smart mobile passenger inspection unit that includes advanced devices for detecting smuggling operations.
• This technology has contributed to improved detection rates of smuggling operations, including those involving currencies, precious metals, and stones, as well as bearer negotiable instruments.

Prioritizing Money Laundering Investigations

• The UAE is prioritizing the investigation of money laundering and its predicate offenses, leading to the seizure and confiscation of millions of AED in criminal assets and instruments.
• This focus on investigations has been instrumental in combating financial crime and bringing perpetrators to justice.

Public-Private Cooperation: A Key Component

• The UAE has taken a comprehensive approach to financial crime, collaborating with the private sector to tackle high-risk areas.
• Establishing a framework for public-private partnership has aided in tackling money laundering and terrorist financing risks.

Executive Office for AML/CFT: A Model for Collaboration

• In September 2021, the Executive Office for AML/CFT concluded the second meeting of the Public-Private Partnership Committee (PPP), which is the first committee of its kind in the region.
• The PPP has been instrumental in aiding UAE-wide investigations and prosecutions.

Conclusion

The UAE’s efforts to combat financial crime are yielding positive results, with increased detection rates and successful investigations leading to seizures and confiscations. The country’s commitment to public-private cooperation and establishing a framework for collaboration will continue to aid in tackling money laundering and terrorist financing risks.