Abu Dhabi: The UAE has successfully met all 15 recommendations of the Financial Action Task Force (FATF) action plan, a significant milestone in its fight against money laundering and terrorism financing. The FATF, a global body responsible for setting standards to combat financial crimes, announced this achievement following its plenary meetings in Paris from February 19th to 23rd.
Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and Chairman of the Higher Committee overseeing the UAE’s anti-money laundering and counter-terrorism financing strategy, hailed this success as the result of concerted efforts by various ministries, the federal government, and local entities. This achievement aligns with the UAE’s aim to enhance its leading role and competitiveness on the global stage, particularly as an economic, trade, and investment hub.
The UAE is dedicated to maintaining its strong stance within the international financial system, adhering to all relevant laws and conventions that ensure the global financial system’s integrity. Sheikh Abdullah emphasized the nation’s commitment to ongoing collaboration with international partners to bolster its legal and regulatory framework against financial crimes.
Several ministers highlighted the UAE’s progress and future commitments in this area. Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, and Abdullah bin Touq Al Marri, Minister of Economy, both stressed the importance of international cooperation and robust legal frameworks in combating money laundering and terrorism financing. Abdullah bin Sultan bin Awad Al Nuaimi, Minister of Justice, pointed out that legislative reforms have significantly empowered the UAE’s system to combat financial crimes effectively.
Ahmed Ali Al Sayegh, Minister of State, and Khalid Mohammed Salem Balama Al Tamimi, Governor of the Central Bank of the UAE, reiterated the UAE’s dedication to implementing effective policies and maintaining the highest standards of integrity and transparency in finance and trade regulation.
Hamed Al Zaabi, Director-General of the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing, underscored the continuous commitment of federal and local authorities and the private sector to align with the national strategy and action plan. He stressed the importance of regional and global partnerships in maintaining the nation’s economic and financial security.
KNOWLEDGE | The first Hindu temple in the UAE, opened 1958 at Bur Dubai