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UAE becomes 1st Arab country to gain observer status at Asia-Pacific Group on Money Laundering – News

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The country will share knowledge of its anti-financial crime tactics and strategies at the panel’s upcoming plenary meeting in Canada


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by WAM

published: Wednesday, July 12, 2023 at 12:02 pm

Last updated: Wednesday, July 12, 2023 at 12:28 pm

The UAE delegation is attending this week’s plenary meeting of the Asia-Pacific Group on Money Laundering (APG), a regional body similar to the Financial Action Task Force (FSRB), in Vancouver, Canada. The UAE is the first Arab country to be granted APG observer status.

Ahmed Ali Sayegh, Minister of State for the UAE Cabinet, welcomed the decision of the Asia-Pacific Group on Money Laundering Plenary to grant the UAE observer status.

“The UAE places international cooperation at the heart of its strategy and plans to combat money laundering and terrorism financing. Observer status for FSRB activities is granted to countries that demonstrate an active and collaborative Organizations show that,” he said.

The UAE delegation to the plenary session was led by Hamid Al Zaabi, Director-General of the Executive Office for Anti-Money Laundering and Countering the Financing of Terrorism (EO AML/CTF), and included the UAE Financial Intelligence Unit (FIU) and other governments authorities.

Zabi said the UAE delegation continued to deepen understanding of cross-border risks and exchange information on types and emerging threats. “APMAML is the world’s largest financial services regulatory committee and provides a truly unique forum for cross-border cooperation and information exchange,” he said.

“The UAE has invested heavily in its AML/CFT system in recent years and we will share knowledge and best practice with our partners from over 40 countries. We will also listen and learn and seek to bring back new insights to ensure we are at the forefront of anti-financial crime strategy and tactics. I look forward to a busy and productive plenary session.”

Established in 1997, APAML is part of a global network of Financial Action Task Force-style regional bodies (FSRBs), the largest in terms of membership and geographic size.

In addition to observers such as the United Arab Emirates, major international organizations such as the International Monetary Fund, the World Bank, the OECD, the United Nations Office on Drugs and Crime, and the United Nations Counter-Terrorism Committee also participated in the plenary meeting of the Asia-Pacific Anti-Money Laundering Group. Executive Directorate, Asian Development Bank, Commonwealth Secretariat, Interpol and the Egmont Group of Financial Intelligence Units.

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