UAE reaffirms its commitment to fight financial crime
The Financial Action Task Force admitted that the United Arab Emirates has made positive progress in combating money laundering, terrorist financing, and proliferation financing.
In order to ensure the success and sustainability of the UAE’s efforts to strengthen its anti-financial crime framework, the FATF has announced enhanced surveillance in the UAE.
The UAE has expressed a firm commitment to work closely with the FATF to address remaining areas of improvement through the implementation of the Action Plan.
Noting that the UAE has “significantly strengthened” its framework to combat financial crime, the action plan builds on the solid foundations established and significant ongoing efforts.
Opining on the country’s ongoing efforts to fight fiscal crime, the UAE’s Executive Office of Anti-Money Laundering and Fighting the Backing of Terrorism said, “The UAE takes its role in protecting the integrity of the global financial system very seriously and will work closely with the FATF to quickly resolve the identified areas for improvement.
Based on this, the UAE will continue its efforts to identify, disrupt and punish criminals and illicit financial networks, in full coordination with our international partners, based on the findings of the FATF and the UAE National Action Plan”.
The UAE’s commitment to advancing efforts to fight money laundering and terrorist financing remains a key pillar supporting the country’s position as an attractive global business hub operating in line with international standards. Furthermore, the UAE government and private sector have taken strong measures and ongoing actions to ensure the stability and integrity of the country’s financial system.
