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UAE reaffirms commitment to fight international financial crime

UAE reaffirms commitment to fight international financial crime

Dubai: The UAE has reaffirmed its firm commitment and continuous efforts in AML/CFT, state news agency WAM reported on Friday.

The country also welcomed the FATF statement on Friday at the second FATF plenary meeting of Singapore’s two-year presidency in Paris, which concluded the 2023 FATF week.

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

Authorities have made significant progress in adopting international AML/CFT standards, including a government-wide approach to improve inter-agency coordination, expanding international cooperation to prevent and prosecute financial crime, and launching public-private partnership initiatives.

The UAE continues to take significant action to combat financial crime and strengthen the effectiveness of the AML/CFT framework in line with the National AML/CFT Strategy and National Action Plan.

“The UAE welcomes today’s FATF statement, which recognizes the significant progress made thus far in the UAE’s AML/CTF framework,” the AML/CTF Executive Office said in a statement. “The UAE is committed to advancing global efforts to safeguard international actors and perpetrators of financial crime.”

“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,” it added. “In this regard, collaboration with international partners is critical to strengthening the collective fight against financial crime. Hard work counts.”

The statement reiterated the UAE’s efforts to strengthen its position as one of the most trusted and resilient economies in the world.

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