The UAE Strengthens Efforts Against Money Laundering and Terrorism… Key Initiatives
The United Arab Emirates (UAE) continues its efforts to combat money laundering and terrorist financing on both domestic and international fronts.
One of the latest initiatives is the leadership of UAE’s Minister of Foreign Affairs, Sheikh Abdullah bin Zayed Al Nahyan, in the 19th meeting of the High Committee overseeing the National Strategy to Combat Money Laundering and Terrorist Financing, held the day before yesterday.
This meeting comes just days after the UAE signed a memorandum of understanding with Ethiopia to cooperate in the fight against terrorism, following approximately two weeks after the UAE provided military equipment and security gear to the Republic of Chad to enhance its counter-terrorism capabilities and support border protection programs, according to the Emirates News Agency (WAM).
In its efforts to combat money laundering, the UAE Ministry of Interior revealed in mid-August that it had dealt with 521 reports of money laundering crimes over the past two years. This effort led to the arrest of 387 individuals wanted internationally in cooperation with law enforcement agencies in various countries worldwide. The total value of seized assets exceeded 4 billion dirhams.
About a month ago, approval was granted to establish specialized federal prosecutors’ offices for economic crimes and money laundering. This move aims to develop the judicial system in alignment with economic changes and a focus on specialization, contributing to financial stability and economic growth in the country.
Meanwhile, the Central Bank continues its supervisory and regulatory tasks to ensure that all licensed financial institutions in the country, including exchange companies, their owners, and all employees, comply with the laws and regulations applicable in the UAE.
In July of the past year, the UAE’s efforts were recognized when it was granted observer status by the Asia-Pacific Group on Money Laundering (APG), highlighting growing international confidence in the UAE’s endeavors to combat money laundering.
