Emirates News Agency – Senior officials reaffirm UAE’s commitment and continued efforts to fight financial crime


ABU DHABI, 5th March, 2022 (WAM) — Senior officials have reaffirmed the UAE’s strong commitment and continued efforts in the fight against money laundering (AML) and the financing of terrorism (CFT).

The UAE continues to implement a series of sophisticated and important actions to combat financial crime and enhance the effectiveness of the AML/CFT framework in line with the National AML/CFT Strategy and National Action Plan of the United Arab Emirates.

To date, the competent authorities of the United Arab Emirates have made unprecedented progress in adopting international AML/CFT standards. They will continue to intensify their efforts, including close and continuous inter-agency coordination, international cooperation and collaboration with the private sector.

The senior officials highlighted the UAE’s commitment at the highest level and reiterated that combating financial crime in line with the global AML/CFT agenda remains a strategic priority for the UAE.

Deputy Prime Minister and Minister of Interior, His Highness Lt. Gen. Sheikh Seif bin Zayed Al Nahyan, said: “Ongoing efforts to improve the UAE’s anti-money laundering system bear witness of our firm commitment to tackling this global problem as a strategic strategy”. I commend the tremendous efforts of the Ministry of Finance, the Ministry of Justice, the Public Ministry, the Ministry of Economy, the Central Bank of the United Arab Emirates, the United Arab Emirates Security and Police Forces, the Federal Customs Authority, the Financial Intelligence Unit and all entities in the United Arab Emirates who work closely and diligently together to combat financial crime.

“Our efforts to protect our security and economic prosperity will always come first. This means that the UAE Ministry and law enforcement will continue to investigate and apprehend complex criminal networks and their assets in close coordination. with our national and international partners”.

His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Chairman of the Higher Committee to Oversee the National Strategy for Combating Money Laundering and Terrorist Financing, said: “The Emirates United Arab Emirates wish to accelerate the pace of the national action plan to combat money laundering and the financing of terrorism, as this file constitutes a strategic priority for the country.In my capacity as chairman of the senior committee responsible for overseeing the strategy fight against money laundering and terrorist financing, I would like to underscore the UAE’s commitment at the highest national level in strengthening our national AML/CFT framework, in particular by working closely with the FATF, our international partners and the private sector in a sustainable and continuous manner.

“Financial crime is a concern for all major economies, and we in the UAE take this issue with the utmost seriousness. By continuing our disciplined approach, we will make a real difference in our ability to prevent illicit financial flows. and to achieve our goal of making the UAE one of the strongest and most respected economies in the modern world.”

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, said: “The UAE remains firmly committed to further strengthening efforts to maintain the stability and integrity of the financial system. We will carefully consider the detailed recommendations received from our international and FATF partners and ensure that these are promptly addressed and implemented in the coming and long-term period.”

He added: “To ensure that the implementation of our National AML/CFT Strategy and National Action Plan continues to focus on improving effectiveness in key areas, I will ensure that AML/CFT reforms remain a top priority in our 2022 Federal Budget and future Federal Budgets.

Abdullah bin Touq Al Marri, Minister of Economy, said: “The interconnectedness of international organized criminal networks, often accelerated by technological advancements, is of concern to countries around the world. In the United Arab Emirates, we fight back through the power of intelligence, analysis, technology, investigations and public-private partnerships. Our main objective has been to equip the UAE’s public and private sectors with the tools to strengthen our collective defences. This includes strengthening the institutional capacities set out in the National Risk Assessment, National Action Plan and National Strategy to Combat Money Laundering and Terrorist Financing.

“We have also worked closely with the Ministry of Foreign Affairs and International Cooperation to facilitate coordination with the international community on financial crime issues, a cornerstone of integrating a sophisticated financial crime framework into the UAE economy and beyond.”

Abdullah bin Sultan bin Awad Al Nuaimi, Minister of Justice, said, “The Ministry of Justice is committed to mobilizing all available resources, including federal and local courts, to combat money laundering. We are committed to preventing financial crimes and punishing them. We have made decisive reforms in a short time to bring criminals to justice and continue to work effectively and efficiently to ensure FATF findings are addressed.

In order to ensure that appropriate legislation is in place to combat money laundering typologies, Federal Law No. 26 of 2021 and Federal Law No. 20 of 2018 on Combating Money Laundering and Countering Terrorist Financing and the Financing of Illegal Organizations was released on September 13, 2021. The UAE will continue to build on existing cooperation with our international partners and private sector stakeholders to ensure justice is always served. rendered. Our future economic growth is protected in line with the UAE’s “Next 50″ strategic roadmap recently established by our leaders.”

Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates and Chairman of the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organizations, said that the Central Bank’s regulations and policies for all licensed financial institutions in the UAE aim to meet the global challenge. money laundering and terrorist financing as a strategic priority. Much progress has been made in financial sector oversight and regulatory oversight initiatives to develop an effective and integrated framework for combating financial crime of all kinds, which the FATF has already acknowledged.

“As an important regional and international financial centre, we will continue to work tirelessly with our global partners in this regard. Together, we are committed to ensuring that our regulated financial sector has effective AML/CFT controls in place to protect our system. financial,” Balame said. Noted.


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