UAE reaffirms its commitment to combating international financial crime

Abu Dhabi, The Gulf Observer: The UAE reaffirms its strong commitment and ongoing efforts in relation to anti-money laundering and countering the financing of terrorism (AML/CFT) and continues to work closely with the Financial Action Task Force (FATF).

The UAE welcomes the FATF announcement made today, 24th February, during the second FATF Plenary under the two-year Singapore Presidency in Paris which concluded FATF Week 2023.

During the event, the FATF recognised the high-level political commitment and significant progress shown by the country.

The UAE authorities have made significant progress in adopting international standards for AML/CFT, which includes taking a government-wide approach to improving inter-agency coordination, vastly expanding international cooperation to prevent and prosecute financial crime and launch notable public-private partnership initiatives.

The UAE continues to implement an array of sophisticated and significant actions to combat financial crime and strengthen the effectiveness of the AML/CFT framework in line with the National Strategy for AML/CFT and the National Action Plan of the UAE.

Statement by the Executive Office of AML/CTF:

“The UAE welcomes the FATF statement today which recognises the significant progress made to date in the UAEs AML/CFT framework. The UAE is committed to advancing global efforts to safeguard the international financial system from malicious actors and perpetrators of financial crime, both at home and abroad. The UAE has dedicated significant human capital and investment in strengthening its AML/CFT system to disrupt illicit financial flows in a proactive and coordinated manner. Cooperation with international partners is essential in this regard to bolster collective efforts against financial crime. The UAE will continue working concertedly to bolster its position as one of the most trusted and resilient economies worldwide.”