UAE Vows to Intensify Fight Against Financial Crime, Boost International Cooperation

The United Arab Emirates (UAE) has pledged to accelerate its efforts to combat financial crime, demonstrating a strong commitment to emerging as one of the strongest and most respected economies in the world.

A Strategic Priority As Chairman of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, HH Sheikh Abdullah bin Zayed Al Nahyan emphasized that financial crime is a pressing concern for all major economies. The UAE is approaching this issue with utmost seriousness, driven by its determination to maintain its position as a hub for international trade and finance.

Key Areas of Focus

• Information Sharing: The UAE has identified the importance of sharing information between law enforcement agencies, supervisors, and the private sector through legislation, public-private partnerships, and public initiatives.
• Protecting Financial System Integrity: The country is actively pursuing individuals who abuse its financial system for illicit purposes to ensure the integrity of its financial system.

Risk Management The UAE has also prioritized improving national coordination and international cooperation on anti-money laundering and counter-terrorism financing issues at both policy and operational levels. This includes:

• Collaboration with Regional and International Groups: The UAE is working closely with organizations such as the Gulf Cooperation Council, the G20, the Financial Action Task Force, the UAE’s National Committee on AML/CFT, and the Ministry of Foreign Affairs and International Cooperation.

Far-Reaching Implications The UAE’s commitment to combating financial crime underscores its dedication to being a responsible global player. This renewed focus is expected to have significant implications for the country’s economic stability and reputation in the years to come.