Emirati ministers and the Governor of the Central Bank reaffirmed the country’s strong commitment and sustained efforts to combat money laundering and terrorist financing; The UAE continues to implement a set of key measures to combat financial crime and improve the effectiveness of the anti-money laundering and terrorist financing system in line with the national strategy to combat this crime and the UAE’s National Action Plan. They pointed out that the competent state authorities have so far made unprecedented progress in adopting international standards for combating money laundering and terrorist financing and will continue to step up their efforts, through close and continuous coordination between the authorities and international cooperation as well as with the private sector in this regard. They reaffirmed the UAE’s commitment at the highest level to the fight against financial crime, in line with the global agenda to combat money laundering and terrorist financing, which remains a strategic priority for the UAE.
Lieutenant General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, said: “The ongoing efforts to strengthen the anti-money laundering system in the UAE are proof of our strong commitment to combating this. global issue as a strategic priority.I appreciate the efforts of the Ministry of Finance, the Ministry of Justice and Prosecution, the Ministry of Economy, the Central Bank of the United Arab Emirates, the security forces, the UAE police, customs, the Financial Information Unit and all parties involved working closely and diligently to combat financial crime .. Our efforts to protect our security and economic prosperity always come first..and this means that the ministry and law enforcement agencies in the UAE will continue to prosecute complex criminals explore and capture networks and their assets in close collaboration with our local and international partners. ”
HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and chair of the Higher Committee overseeing the national strategy to combat money laundering and terrorist financing, said: “The UAE is keen to keep pace with the accelerate national action plan to combat money laundering and terrorist financing, “and stressed that this file is a priority. A strategy for the country. He said: “As the Chair of the Higher Committee overseeing the national strategy to combat money laundering and terrorist financing, I would like to reiterate the UAE’s commitment at the highest level to: strengthen our national framework for combating money laundering and terrorist financing, and this includes working closely with the Financial Action Group, our international partners and the private sector on a sustainable and ongoing basis. As I explained earlier, financial crime is’ a concern of all major economies, and we in the UAE take it very seriously, and by continuing with our disciplined approach, we will make a real difference in our ability to prevent illegal financial flows and our goal of a The UAE is one of the strongest and most respected economies in the modern world. “
Review partner recommendations
Mohammed bin Hadi Al Husseini, Minister of State for Finance, said: “The UAE remains determined to continue its efforts to maintain the stability and integrity of the financial system. We will carefully review the detailed recommendations received from our international partners and the FATF and ensure that they are addressed and implemented as quickly as possible over the coming period, as well as in the longer term. To ensure that our strategy and national action plan to combat money laundering and terrorist financing continue to focus on improving efficiency in key areas, AML / CFT reforms will remain a key priority in our 2022 federal budget and future budgets.
Our collective defense
Economy Minister Abdullah bin Touq Al Marri said: “The interconnectedness of international organized crime networks, which have often evolved through technological advances, is worrying countries around the world. We in the UAE are facing ‘smart’ analyzes.And advanced technology, investigations and public-private partnerships .. Our main goal was to provide the public and private sectors of the UAE with the tools to strengthen our collective defense.This includes building the institutional capabilities that are in the risk assessment, the national action plan and the national strategy to combat money laundering and terrorist financing, and we have worked closely with the Ministry of Foreign Affairs and International Cooperation to facilitate cooperation and coordination with the international community on financial crime issues, which is the cornerstone of establishing an advanced financial crime framework for the UAE and beyond. ”
Efficiency and effectiveness
Abdullah bin Sultan Al Nuaimi, Minister of Justice, said: “The Ministry of Justice is committed to utilizing all available resources, including federal and local courts, to combat money laundering. We are committed to the prevention and punishment of financial crimes as a top priority, as well as to strengthening all efforts to prevent financial crimes and fraud. ”
He added: “We have implemented significant reforms in a short period of time to bring criminals to justice and continue to work effectively and efficiently to ensure that the FATF outcomes are addressed. In order to ensure the existence of applicable legislation to address money laundering patterns, the new amended Federal Act No. 26 of 2021 issued on 13 September 2021, as preceded by Federal Act No. 20 of 2018 regarding the fight against money laundering, terrorist financing and the financing of illegal organizations. The UAE will continue to benefit from the existing cooperation with our international partners and stakeholders in the private sector with the aim of always achieving justice and protecting our future economic growth in line with the strategic roadmap for the “next fifty” for the UAE that was recently developed by our leadership.
Khalid Muhammad Balama, Governor of the UAE’s central bank and chair of the National Committee for Combating Money Laundering and the Fight against the Financing of Terrorism and Illegal Organizations, said: “The regulations and policies of the UAE Central Bank with respect to licensed financial institutions. in the UAE, strives to address the global challenges of money laundering activities Financing terrorism as a strategic priority. Significant progress has been made with supervisory initiatives and controls over the financial sector to develop an effective and integrated system to combat financial crime of all kinds, and the Financial Action Task Force (FATF) has praised these efforts. ”