24.8 C
Monday, March 27, 2023

UAE reaffirms commitment to fight international financial crime – News

UAE reaffirms commitment to fight international financial crime – News

Authorities make significant progress in adopting global AML/CFT standards

read more…

by WAM

published: Friday, February 24, 2023 at 11:23 pm

The UAE reaffirms its strong commitment and continuous efforts in anti-money laundering and countering the financing of terrorism (AML/CFT) and continues to work closely with the Financial Action Task Force (FATF).

The UAE welcomes the statement made last Friday by the FATF’s second FATF plenary meeting in Paris to hold Singapore’s two-year term at the end of FATF Week 2023.

During the event, FATF recognized the country’s high-level political commitment and significant progress.

UAE authorities have made significant progress in adopting international AML/CFT standards, including a government-wide approach to improve inter-agency coordination, a significant expansion of international cooperation to prevent and prosecute financial crime, and the launch of a significant public-private partnership initiatives.

The UAE continues to implement a series of complex and important actions to combat financial crime and strengthen the effectiveness of the AML/CFT framework in line with the AML/CFT National Strategy and the UAE National Action Plan.

Statement from the AML/CTF Executive Office:

“The UAE welcomes today’s FATF statement, which recognizes the significant progress the UAE has made so far in its AML/CFT framework. The UAE is committed to advancing global efforts to protect the international financial system from domestic malicious actors and financial crime offenders perpetrators and abroad. The UAE has invested significant human capital and investment in strengthening its AML/CFT system to disrupt illicit financial flows in a proactive and coordinated manner. Collaboration with international partners in this regard is crucial to strengthening collective efforts to combat financial crime is critical. The UAE will continue to work together to strengthen its position as one of the most trusted and resilient economies in the world.”

Source link

Related Articles

Oliver Wyman appoints Adel Alfalasi as new head of UAE, HRME News, ETHRWorldME

Oliver Wymana global management consulting firm and a business of Marsh McLennan has appointed Adel germination as its new head United Arab Emirates....

Israel-UAE FTA takes effect as customs pact signed in Jerusalem

With the advent of diplomatic relations between the two countries under pressureEconomic relations between the UAE and Israel took a major step forward...

Israel-UAE FTA takes effect as customs pact signed in Jerusalem

As bilateral diplomatic relations show worrying signs, the last and most important component of the free trade agreement between Israel and the UAE...

Israel, UAE sign free trade agreement

ReutersMarch 26, 2023 at 9:55 pmLast Modified: March 26, 2023, 10:04 PMFlags of the United Arab Emirates, Israel and Expo 2020...

Latest Articles