UAE Successfully Completes FATF Action Plan with Commendation
Paris, The Gulf Observer: The Financial Action Task Force (FATF), the global body combating money laundering and terrorism financing, has officially confirmed the United Arab Emirates’ accomplishment of all 15 recommendations outlined in its action plan. The announcement came following the FATF plenary meetings held from 19th to 23rd February in the capital of France, Paris, underscoring the UAE’s commitment to international standards in the fight against financial crimes.
In response to this significant achievement, H.H. 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, expressed his appreciation, stating, “This success is the outcome of significant and distinguished efforts by relevant ministries, the federal government, and local entities.”
Sheikh Abdullah emphasized that the collective efforts of various entities contribute to expediting the national strategy and action plan, aligning with the directives and aspirations of the UAE’s leadership. He highlighted the country’s commitment to strengthening its leading status and competitiveness globally, positioning itself as a prominent economic, trading, and investment hub.
“The UAE’s economy is one of the fastest growing economies across the world,” Sheikh Abdullah remarked, adding, “The country is committed to consolidating 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.”
The Minister of Foreign Affairs emphasized the UAE’s dedication to continuous collaboration with international partners and relevant organizations to enhance its position within the global financial system. This includes reinforcing a legal and regulatory framework and activating collective efforts on a global scale to combat financial crimes.
“In this regard, the country’s endeavors demonstrate a constant approach to address global money laundering and terrorism financing, as well as illegitimate organizations, and to amplify the UAE’s crucial and effective role in defending the safety and stability of the world’s financial system,” Sheikh Abdullah concluded.
The successful completion of the FATF action plan reflects the UAE’s unwavering commitment to global efforts in combating financial crimes and ensuring the integrity of the international financial system.
