UAE’s Big Win Against Financial Crimes

The United Arab Emirates (UAE) has Reached a major Achievement in the Fight against Money laundering and Terrorism Financing. The international Organization Overseeing these Efforts the Financial Action Task Force (FATF) has Confirmed that the UAE has Successfully Completed all 15 Recommendations Outlined in its action Plan.This announcement followed FATF’s meetings in Paris from February 19th to 23rd, 2024. H.H. Sheikh Abdullah bin Zayed Al Nahyan the Minister of Foreign Affairs and Chairman of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism Expressed Gratitude for the Combined Efforts of Various Ministries the Federal Government and local Entities . Sheikh Abdullah Highlighted that this Achievement Reflects the UAE’s Commitment to Enforcing international laws ensuring the integrity of the Global financial System.

He Highlighted that the UAE’s fast Economic Growth and Commitment to Maintaining a Leading Position Globally are Crucial. The UAE’s Success in Adhering to FATF Recommendations is Vital for its Role as a Global hub for Trade and investment. Ministers from Various Sectors Emphasized the Need to Prevent illegal Financial Activities and Strengthen the National Plan to Combat Financial Crimes.

Minister of Economy Abdullah bin Touq Al Marri acknowledged the Significant Progress in Combating Global Money Laundering and Terrorism Financing. He Affirmed the UAE’s Commitment to further Advancements in line with the Leadership’s Directives. Other Ministers including Mohamed Hadi Al Hussaini and Ahmed Ali Al Sayegh Underscored the UAE’s Dedication to implementing Effective Policies Supporting integrity and Transparency and Ensuring the Stability of the Financial System.

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The Governor of the Central Bank of the UAE, Khalid Mohammed Salem Balama Al Tamimi Stressed the Country’s Commitment to Continuous Efforts against Money laundering and Terrorism Financing. He Recognized the Collaborative Efforts of Entities Regulatory Bodies and Financial institutions in Achieving this Progress.

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Hamed Al Zaabi Director-General of the Executive Office of Anti-Money Laundering and Counter Terrorism Financing, Commended the Dedication of Federal and Local authorities and the Private Sector in Aligning with the National Strategy. He Emphasized the Ongoing Commitment to Combat financial Crimes and Foster regional and Global Partnerships for the Nation’s Economic and Financial Security.