UAE First in Region to Attain Observer Status in Eurasian Anti-Money Laundering Group

UAE First in Region to Gain Observer Status in Eurasian Group on Financial Crimes

The United Arab Emirates has achieved a major milestone in its efforts to strengthen regional and international collaboration in the fight against financial crimes by becoming the first nation in the region to be granted observer status in the Eurasian Group on Combating Money Laundering and Terrorist Financing (EAG). This action highlights the United Arab Emirates’ expanding involvement in global initiatives to combat money laundering and terrorism financing, two major issues.

As part of the Financial Action Task Force (FATF) global network, the UAE’s membership in the EAG adds to its existing involvement in other international bodies focused on financial crime prevention. The UAE is already an observer in the Asia-Pacific Group on Money Laundering (APG) and a full member of the Middle East and North Africa Financial Action Task Force (MENAFATF).

The UAE can actively engage in talks and work with member governments to further develop the regional and global frameworks for fighting money laundering and terrorism financing by obtaining observer membership in the Eurasian Group. Now, as an observer, the UAE can share best practices, offer its invaluable experience, and back important projects meant to improve global financial stability.

Khaled Mohammed Balama, the Chairman of the National Anti-Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organizations Committee (NAMLCTFC) and Governor of the Central Bank of the United Arab Emirates (CBUAE), said the nation was proud to be recognized.He emphasized that this measure demonstrates the international community’s faith in the UAE as an active, trustworthy, and effective partner in the battle against international financial crime.
In order to protect the integrity of the financial system, Balama also reaffirmed the UAE’s continued commitment to fighting financial crimes and bolstering its regional and international alliances.

Additionally, Hamid Saif Al Zaabi, Secretary-General and Vice Chair of NAMLCFTC, noted that the UAE’s observer status in the EAG aligns with its shared economic and financial interests with many of the member states. The UAE intends to help the group’s efforts by providing operational insights, resources, and technological knowledge through this partnership. Al Zaabi added that the UAE is keen to support the EAG’s efforts in order to strengthen regional and national capacities and add to the international conversation on fighting financial crimes.

The Eurasian Group was established in 2004 and consists of nine Eurasian nations: Belarus, China, India, Kazakhstan, Kyrgyz Republic, Russia, Tajikistan, Turkmenistan, and Uzbekistan. It is an associate member of the Financial Action Task Force (FATF). 23 international organizations and 16 nations have been granted observer status in addition to these members. These organizations collaborate to strengthen the fight against financial crimes that jeopardize the security and stability of the world economy.