The Financial Action Task Force (FATF), a prominent international organization tasked with combating money laundering and terrorism financing, recently commended the UAE for successfully fulfilling all 15 recommendations outlined in its action plan. This significant announcement came following the conclusion of FATF’s plenary meetings, which took place in Paris from February 19 -23, 2024.
In response to this achievement, 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 gratitude to the various ministries, federal government agencies, and local entities whose collective efforts paved the way for this success. He emphasized that these collaborative endeavours not only expedited the implementation of the national strategy and action plan but also aligned with the directives and aspirations of the UAE’s leadership to enhance the country’s global standing as a leading economic, trading, and investment hub.
Sheikh Abdullah highlighted the UAE‘s robust economic growth on the global stage and underscored the nation’s unwavering commitment to upholding international laws and conventions aimed at preserving the integrity of the global financial system. He reiterated the UAE’s dedication to strengthening its position within the international financial community through comprehensive collaborations with global partners and organizations. This commitment includes the enforcement of stringent legal and regulatory frameworks designed to combat financial crimes effectively.
He emphasized the strategic importance of combating financial crimes for the UAE. And commended the collective efforts that led to this milestone, which not only reflects the nation’s exceptional standing regionally and globally but also underscores its unwavering commitment to combating illicit financial activities.
Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, affirmed the UAE’s resolve to enhance its engagement with multilateral organizations and bolster bilateral relations to foster national and international cooperation in policy and executive domains.
Abdullah bin Touq Al Marri, Minister of Economy, emphasized that preventing illicit financial flows and supporting the efficiency of the national plan for combating money laundering and terrorism financing are crucial for bolstering the UAE’s position as a global trade and investment hub. Under visionary leadership, the UAE has made significant strides in this regard and remains committed to further advancements in the future.
Abdullah bin Sultan Al Nuaimi, Minister of Justice, attributed the UAE’s progress in combating money laundering to the guidance of wise leadership and the concerted efforts of national teams, including judicial authorities. And highlighted the significance of legislative reforms in empowering the national system to tackle global money laundering and foster an inclusive economic environment conducive to business growth.
Ahmed bin Ali Al Sayegh, Minister of State, reiterated the country’s commitment to implementing effective policies aligned with international best practices to strengthen its position as a global financial and economic hub.
Khaled Mohamed Balama, Governor of the Central Bank of the UAE and Chairman of the National Committee for Combating Money-Laundering and Financing of Terrorism and Illegal Organizations, highlighted the UAE’s unwavering commitment to addressing challenges and risks in the global financial system. He emphasized the nation’s proactive role in aligning with global standards and laws to combat financial crimes, attributing progress to the adoption of a risk-based regulatory approach and the enhancement of institutional understanding and implementation of legal obligations.
Hamed Al Zaabi, Director General of the Executive Office of Anti-Money Laundering and Counter Terrorism Financing, lauded the collective dedication of federal and local authorities, alongside the private sector, in aligning with the national strategy and action plan. He reaffirmed the UAE’s steadfast commitment to combating financial crimes as a national priority, emphasizing ongoing efforts to enhance national capabilities, foster partnerships, and fortify economic and financial security regionally and globally.
These accomplishments position the UAE as a key player in maintaining the integrity and stability of the global financial system, contributing to its reputation as a trusted and responsible member of the international community.