The Financial Action Task Force (FATF), the international organization tasked with combating money laundering and the financing of terrorism, has announced that the United Arab Emirates (UAE) has successfully completed all 15 recommendations in its action plan. The FATF congratulated the UAE on this achievement, which comes after the FATF plenary meetings held between February 19 and 23 in Paris, France.
This announcement is a significant milestone for the UAE, and demonstrates the country’s strong commitment to combating money laundering and terrorist financing. The UAE has worked hard to implement the FATF recommendations, and this success is a reflection of the dedication and hard work of federal, local authorities and the private sector.
The UAE is committed to continuing to strengthen its financial system and protect it from illicit activities. The country will continue to work closely with the FATF and other international organizations to combat money laundering and terrorist financing.
His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and Chairman of the Higher Oversight Committee of the National Strategy against Money Laundering and Financing of Terrorism: “This success is the result of significant and distinguished efforts by ministries relevant, the federal government and local entities. These collective efforts serve to accelerate the national strategy and action plan, achieve the directives and aspirations of the UAE leadership, with the aim of further strengthening the country’s leading status and competitiveness, and advance its position globally. as an economic, commercial and investment center.”
The news was welcomed by senior FATF officials, who praised the UAE’s strong commitment to implementing the necessary measures to prevent and combat money laundering and terrorist financing. In such a way that His Excellency Abdullah bin Touq Al Marri, Minister of Economy mentioned that “preventing illegitimate financial flows and supporting the efficiency of our national plan to combat money laundering and the financing of terrorism are the bases to strengthen the position of the UAE as a global hub for trade and investment.”
This milestone is the result of a joint and sustained effort by federal and local authorities in the UAE, in close collaboration with the private sector. The UAE government has implemented a series of legislative and regulatory reforms, as well as capacity-building measures, to strengthen its framework for combating financial crime.
A commitment to transparency and international cooperation
The UAE has reiterated its commitment to continue working closely with the FATF and other international organizations to strengthen the global financial system and combat financial crime globally. The country has also committed to promoting transparency and the exchange of information between financial institutions and competent authorities.
His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs stated that “The UAE is determined to intensify its participation and contributions within multilateral organizations, as well as strengthen bilateral relations, in order to enhance national and international cooperation. at the policy and execution level.”
A clear message for financial criminals
The UAE’s success in implementing the FATF recommendations sends a clear message: the UAE will not tolerate illicit activities. The country is firmly committed to protecting its financial system and the security of its citizens.
This achievement is an important milestone for the UAE and the international community in its fight against financial crime. It demonstrates the UAE’s leadership and commitment to creating a more secure and transparent global financial system.
