Ghafoor Convicted: Fruitful US-UAE cooperation in combating money laundering
The case of lawyer Asim Ghafoor highlights the extensive and growing cooperation between the UAE and the US in combating money laundering crimes.
Earlier today, the United Arab Emirates revealed the results of its investigations into the case of lawyer Assem Ghafour, noting that investigations have proven him guilty in two cases, “tax evasion and money laundering”.
The UAE embassy in Washington issued a statement on Monday, saying that as part of intensive cooperation to combat cross-border money laundering and illegal financing, the UAE and the US exchanged information in the case of Asim Ghafoor more than two years ago.
In 2020, the UAE began investigating Ghafoor’s activities after receiving a formal request from the US Embassy in Abu Dhabi on behalf of the US Department of Justice, the Federal Bureau of Investigation and the Criminal Investigation Department of the Internal Revenue Service for mutual legal assistance in connection with an ongoing investigation with Ghafoor by US authorities.
Based on this investigation, a UAE court convicted Ghafoor on charges of money laundering and tax evasion on May 25, 2022.
The case reflects extensive judicial cooperation between the UAE and the United States in combating cross-border financial crimes.
“President Joe Biden acknowledged the UAE’s efforts to strengthen its policies and enforcement mechanisms in the fight against financial crimes and illicit financial flows”, a joint statement issued after the UAE-US bilateral meeting on July 16 said.
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In early July, a delegation from the UAE visited Washington, and met with US Treasury officials, including representatives from the Office of Combating Terrorist Financing and Financial Crimes, the Financial Crimes Enforcement Network, and the Office of Foreign Assets Control.
During the visit, they reviewed the close cooperation between the United Arab Emirates and the United States of America in combating money-laundering, the financing of terrorism and the proliferation of arms.
The delegation of the United Arab Emirates reviewed the most recent developments in the national agenda to combat money-laundering and the financing of terrorism, and the efforts of the United Arab Emirates to enhance the effectiveness of countering these crimes in cooperation with various international partners. A number of strategic initiatives were also discussed, such as the risks of virtual assets and the risks of illicit trafficking in wildlife, in addition to the Proliferation Financing Risk Assessment Project, which the UAE started earlier this year.
During the visit, the two sides reviewed the UAE’s experience in the field of public-private partnership and presented the most recent developments to establish a legal framework for information sharing between the two sectors in order to enhance the effectiveness of countering money laundering and terrorist financing crimes.
Hamed al-Zaabi, director general of the Executive Office for Combating Money Laundering and Terrorist Financing, said: “The United States of America is one of the United Arab Emirates’ key strategic partners in countering money laundering, terrorist financing and arms proliferation.”
“Working and communicating with our partners is one of the main pillars for the success of the UAE’s file in this field,” he said. “Money laundering and terrorist financing crimes are complex and transnational, which requires high coordination at the international level.”
Paul Ahern, Deputy Assistant Treasury Secretary for the Office of Terrorist Financing and Financial Crimes, said: “We were pleased that the Executive Office for Countering Money Laundering and Terrorist Financing visited the Treasury Department to continue cooperation in countering money laundering and terrorist financing crimes.”
Firm commitment
Last May, the United Arab Emirates affirmed its commitment and continued efforts to strengthen its regulatory framework with regard to combating financial crimes. The competent authorities continue to impose and implement effective sanctions and strict regulations and controls to ensure the safety and security of the global financial system, in line with international standards and the national strategy to combat money-laundering and the financing of terrorism.
According to the Emirates News Agency (WAM), effective measures and proactive regulatory measures have been implemented to protect the financial environment of the United Arab Emirates by the competent authorities, including the Central Bank of the United Arab Emirates, the Securities and Commodities Authority, the Ministry of Economy, the Ministry of Justice, the Abu Dhabi International Market and the Dubai Financial Services Authority, as well as close cooperation between the relevant authorities.
As an important global financial center for doing business, the United Arab Emirates renewed its commitment to work with the international community to combat financial crimes and to remind companies of their obligations with regard to international sanctions programs.
“As a global trading hub, the UAE is open to companies and businessmen all over the world,” said Hamed al-Zaabi, director general of the Executive Office for Combating Money Laundering and Terrorist Financing.
The objective of the Executive Office for Combating Money-Laundering and the Financing of Terrorism is to “strengthen the framework of the United Arab Emirates for combating financial crime on a continuous basis”.
“We are constantly working on developing our approach,” al-Zaabi said. “The UAE provides a stable and effective system of laws and procedures that is in line with international standards, and we are joining forces with the business community to ensure that it complies with these standards and prospers in an attractive and flexible environment.”
“As a responsible member of the international community, the UAE is committed to ensuring the stability and safety of the UAE economy through the application of targeted financial sanctions,” said Talal Mohammed al-Taniji, director of the Executive Office for Control and Non-Proliferation.
He continued: “In this regard, the supervisory authorities of the United Arab Emirates are cooperating closely with each other, as well as with the private sector, to implement targeted financial sanctions and combat the evasion of sanctions, in line with international obligations and best practices.”
