UAE, Egypt discuss cooperation to counter money laundering and terrorist financing

Cairo, The Gulf Observer: Hamid Al Zaabi, Director-General of the Executive Office for Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF), has met with Ahmed Khalil, Chairman of the Board of Trustees of the Egyptian Money Laundering and Terrorist Financing Unit (Egyptian AML/CTF), as well as Judge Hatem Aly, Regional Representative of the United National Office on Drugs and Crime for the Gulf region, to discuss the UAE and Egypt’s efforts and coordination in AML/CFT.

The two sides reviewed the most prominent regional developments and coordination between them. This included a presentation by the Office for Anti-Money Laundering and Counter Terrorism Financing on key steps taken by the UAE in developing an effective system to combat financial crime and its partnership with the private sector.

In addition, the Egyptian Anti-Money Laundering and Terrorist Financing Unit presented ways to advance the national system and significant steps taken by the Arab Republic of Egypt.

Al Zaabi stated, “The EO AML/CFT continues its efforts to inform international and regional partners on the latest developments in its national action plan and notable projects and initiatives that we are working on in cooperation with relevant UAE authorities to ensure a sustainable framework to combat money laundering and counter terrorism financing.”

He continued, “Continuous communication with our partners is one of the priorities of our national agenda in the Executive Office. International cooperation and knowledge exchange are at the core of the UAE’s efforts to fight financial crime. The successful extradition of key suspects demonstrates the UAE’s commitment to working with our international partners to pursue those who abuse the financial system. The UAE has achieved outstanding results through its strategic focus on asset recovery and rapid implementation of targeted financial sanctions.”

Al Zaabi added, “We are also strong partners with Egypt on counter terrorism financing, and we value effective coordination with our partners there.”

Khalil stated that the visit of Al Zaabi and Dr. Hatem Aly is part of efforts to strengthen UAE-Egyptian strategic relations and is a model for all Arab nations. Egypt and the UAE are pursuing a policy to establish peace and stability while combating terrorism and financial crime.

Hatem Aly said, “We welcome the fruitful partnership in recent years with the UAE’s national agencies, coordinated by the Executive Office for Anti-Money Laundering and Counter Terrorism Financing, in developing national efforts to investigate and detect illicit remittances and combat money laundering and the financing of terrorism nationally, regionally, and internationally alongside the relevant entities. The UAE is one of the economically and commercially pivotal countries in the region and the world.”

Aly added, “The OGCCR supports the Executive Office’s efforts in communicating with all concerned authorities in the region to share its experience in combating money laundering and the financing of terrorism. In this context, the visit of the Head of the Executive Office and a high-level delegation to Cairo aims to strengthen coordination and cooperation while developing future partnership with UNODC in combating and preventing organized crime on the national, regional, and international levels in accordance with UN standards.”