UAE reaffirms commitment to fight international financial crime in light of progress made in 2022
The UAE has affirmed its firm commitment to continue its efforts in combating money laundering and terrorist financing, and its ongoing work with the Financial Action Task Force (FATF).
The UAE welcomed the announcement made by the Financial Action Task Force (FATF) today (24 February) during the second session of the FATF under the chairmanship of Singapore in Paris, which concluded FATF Week 2023.
At this meeting, the Financial Action Task Force (FATF) recognized the high-level political commitment and strong progress shown by the UAE in this area.
The UAE authorities have made unprecedented progress in adopting international standards to combat money laundering and terrorist financing, including at the government level to improve coordination between financial crime stakeholders, expand international cooperation to prevent and prosecute financial crimes, and promote public-private partnership initiatives.
The UAE continues to implement a range of important and evolving measures to combat financial crime and to enhance the effectiveness of the AML/CFT regime in line with the National Strategy to Combat Money Laundering and the National Action Plan.
The Executive Office for Anti-Money Laundering and Combating the Financing of Terrorism said: "The UAE welcomes the statement of the Financial Action Task Force (FATF) which acknowledges the significant progress that has been made in the framework of combating money laundering and terrorist financing in the UAE.
The UAE is committed to strengthening global efforts to protect the international financial system from malign actors and perpetrators of financial crimes, both internally and externally. The UAE has allocated significant human resources as well as investing in strengthening the AML/CFT regime to stop illicit financial flows in a proactive and coordinated manner.
Cooperation with international partners is essential in this regard to support and strengthen collective efforts to combat financial crime. The UAE will continue to work in concert to strengthen its position as one of the world's most confident and resilient economies."