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Abu Dhabi: The Financial Action Task Force (FATF), the international organisation in charge of combatting money laundering and terrorism financing announced the UAE’s completion of all 15 recommendations of its action plan, and congratulated the UAE on this achievement.
The announcement was made following FATF’s plenary meetings, held between February 19 and 23, in Paris, France.
On this occasion, Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, and Chairman of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, stated, “This success is the outcome of significant and distinguished efforts by relevant ministries, the federal government and local entities. These collective endeavours serve to expedite the national strategy and action plan, achieve the directives and aspirations of the UAE’s leadership, aiming to further strengthen the country’s leading status and competitiveness, and advance its position globally as an economic, trading and investment hub.”
Sheikh Abdullah added, “The UAE’s economy is one of the fastest growing economies across the world. The country is committed to consolidate its unwavering approach and position within the world’s financial system, by fully enforcing and adhering to, all relevant international laws and conventions that serve to safeguard the integrity of the global financial system.”
He underlined, “The UAE will continue to build on its immense success through comprehensive and integrated collaborations with international partners, as well as the relevant organisations and entities to enhance the its position within the global financial system. This will include continuing to reinforce a legal and regulatory framework, and activating collective efforts on a global scale to combat financial crimes. In this regard, the country’s endeavours demonstrate a constant approach to address global money laundering and terrorism financing, as well as illegitimate organisations, and to amplify the UAE’s crucial and effective role in defending the safety and stability of the world’s financial system.”
Sheikh Abdullah bin Zayed expressed his sincere gratitude and appreciation to the teams working within the ministries, federal government and local entities, the private sector, and all the relevant bodies, along with all those who contributed to the national strategy and action plan. He underscored that this file is a strategic priority for the UAE, and commended national entities that collaborated to accomplish this milestone, which reflects the nation’s distinct standing on both regional and international fronts.
For his part, Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, underlined, “The UAE is resolute to intensify its participation and contributions within multilateral organisations, as well as strengthen bilateral relations, in order to enhance national and international cooperation at the policy and executive levels.”
Abdullah bin Touq Al Marri, Minister of Economy, highlighted, “Preventing illegitimate financial flows, and supporting the efficiency of our national plan for combating money laundering and terrorism financing, are the foundations for strengthening the UAE’s position as a global hub for trade and investment.”
He added, “Under the wise leadership’s directives, the UAE has made considerable progress during the past few years, in combating global money laundering and terrorism financing through outlining robust and flexible frameworks. The UAE is committed to taking further significant advances in our future endeavours.
For his part, Abdullah bin Sultan bin Awad Al Nuaimi, Minister of Justice, affirmed, “The progress achieved by the UAE in the file of combating money laundering is due to the guidance and support of the wise leadership and the continuous efforts undertaken by all national teams from the relevant and judicial authorities including the federal and local courts and prosecution offices.”
He also stressed, “The legislative reforms contributed significantly to empowering the national system to confront global money laundering, reduce illicit financing, and foster an inclusive economic environment for companies to grow and prosper.”
Furthermore, Al Nuaimi emphasised, “The Ministry believes in the importance of consistent endeavors to extend international cooperation, which it considers as a cornerstone of maintaining a strong and integrated national system to confront global crimes in an effective and comprehensive manner.”
He added, “In coordination with national authorities, the Ministry signed numerous cooperation agreements with international partners, which resulted in signing more than 45 agreements related to extradition and mutual legal assistance in criminal matters.”
Ahmed Ali Al Sayegh, Minister of State, expressed, “This announcement reflects the efficient and sustainable measures adopted by the UAE in combating money laundering and terrorism financing.”
He affirmed, “The UAE is committed to implementing effective policies to combat financial crimes, by strengthening its approach in line with best international practices that aim to consolidate the country’s position as a global financial and economic hub. As part of its strategy, the UAE is fulfilling the highest levels of integrity and transparency with respect to the regulation of finance and trade, in accordance with an integrated vision that supports the country’s leading position, and ensures the stability and sustainability of the financial system.”
Khalid Mohammed Salem Balama Al Tamimi, Governor of the Central Bank of the UAE, and Chairman of the National Committee for Combatting Money-Laundering and Financing of Terrorism and Illegal Organisations, stated, “The UAE’s constant commitment to tackle the challenges and risks in the global financial system is a fundamental factor in achieving its vast progress in strengthening its approach and commitment to encounter money laundering and the financing of terrorism, as a national and strategic priority, in line with global standards and international laws. Our efforts in the National Committee and the Central Bank have contributed to the enhancement of UAE’s proactive role in fighting financial crimes at the international level through the adoption of a risk-based regulatory approach, issuance of laws, regulations, and guidance, as well as enhancement of the licensed financial institutions’ understanding of the risks and effective implementation of their legal obligations related to risks mitigation of illicit activities in the financial system.”
He further confirmed that the UAE is committed to continuing the establishment of effective controls to combat money laundering and the financing of terrorism to safeguard our financial system and further cooperating with international institutions to ensure the safety and integrity of the global financial system.
He added, “We appreciate the efforts of all entities, regulatory bodies and licensed financial institutions in achieving this significant progress.”
Hamed Al Zaabi, Director-General of the Executive Office of Anti-Money Laundering and Counter Terrorism Financing, said, “Today’s announcement marks the unwavering dedication from both federal and local authorities alongside the private sector in the UAE, in aligning with our national strategy and action plan. Combatting financial crimes stands as a paramount national priority, and we remain steadfast in our commitment to sustain these efforts into the future. This includes the completion of the national risk assessment, formulation of national strategy for the upcoming years, and enhancement of our national capabilities across public and private sectors. Furthermore, we will persist in fostering regional and global partnerships to fortify the nation’s economic and financial security, regulatory framework, and international presence as an active participant in combating financial crimes.”
He commended the collective efforts of the national team, comprising all stakeholders, for their diligent work in meeting the requirements set forth by the Financial Action Task Force.
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