Financial Crime World

UAE Commits to Global Efforts Against Financial Crime, Wins FATF Recognition for Progress

The United Arab Emirates (UAE) has reaffirmed its strong commitment to combating financial crime and countering the financing of terrorism (AML/CFT). The country’s ongoing efforts have earned recognition from the Financial Action Task Force (FATF), which praised the UAE’s high-level political commitment and significant progress in adopting international standards for AML/CFT.

FATF Recognition: A Major Achievement

The FATF, an inter-governmental organization that sets global standards to combat money laundering and terrorist financing, has acknowledged the UAE’s government-wide approach to improving inter-agency coordination and its vast expansion of international cooperation to prevent and prosecute financial crime. The recognition is a testament to the UAE’s commitment to advancing global efforts against financial crime.

Key Highlights

  • Government-wide approach: The UAE has implemented a comprehensive strategy to improve inter-agency coordination, ensuring that all government entities work together to combat financial crime.
  • International cooperation: The country has expanded its international cooperation with other nations to prevent and prosecute financial crime, demonstrating its commitment to global efforts against financial malfeasance.
  • Public-private partnership initiatives: The UAE has launched notable public-private partnership initiatives aimed at strengthening its AML/CFT framework, leveraging the expertise of private sector entities to enhance its anti-financial crime measures.

UAE’s National Strategy for AML/CFT

The UAE’s National Strategy for AML/CFT and National Action Plan have guided the implementation of a range of sophisticated measures to combat financial crime. These measures include:

  • Enhancing inter-agency coordination: The country has strengthened its inter-agency coordination, ensuring that all government entities work together to prevent and prosecute financial crime.
  • Proactive investigations: The UAE has launched proactive investigations into illicit financial flows, demonstrating its commitment to disrupting criminal activities.

Commitment to Global Efforts Against Financial Crime

The Executive Office spokesperson stated, “The FATF statement today is a testament to our commitment to advancing global efforts against financial crime. We are dedicated to safeguarding the international financial system from malicious actors and perpetrators of financial crime. Our cooperation with international partners is essential in disrupting illicit financial flows and bolstering collective efforts against financial crime.”

Conclusion

The UAE’s recognition by the FATF is a major achievement, demonstrating its commitment to becoming one of the most trusted and resilient economies worldwide. The country will continue working closely with global partners to strengthen its AML/CFT framework and combat financial crime effectively.