Abu Dhabi: The Financial Action Task Force (FATF), an international organization dedicated to combating money laundering and terrorism financing, has acknowledged the UAE’s successful completion of all 15 recommendations outlined in its action plan. The UAE received congratulations from FATF for achieving this milestone.
The announcement came after FATF’s plenary meetings held from February 19 to 23 in Paris, France.
In response to this achievement, Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and Chairman of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, expressed his appreciation for the collaborative efforts of relevant ministries, the federal government, and local entities. He emphasized that these collective endeavors aim to expedite the national strategy and action plan, in alignment with the UAE’s leadership directives to strengthen the country’s global position as an economic, trading, and investment hub.
Sheikh Abdullah highlighted the UAE’s commitment to upholding international laws and conventions to safeguard the integrity of the global financial system. He emphasized ongoing collaborations with international partners and organizations to combat financial crimes effectively.
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, reiterated the UAE’s determination to enhance participation and cooperation within multilateral organizations and strengthen bilateral relations to combat financial crimes.
Abdullah bin Touq Al Marri, Minister of Economy, emphasized the UAE’s dedication to preventing illegitimate financial flows and supporting the efficiency of its national plan for combating money laundering and terrorism financing. He highlighted the significant progress made by the UAE in recent years and its commitment to further advancements.
Abdullah bin Sultan bin Awad Al Nuaimi, Minister of Justice, attributed the UAE’s progress in combating money laundering to the guidance of the wise leadership and the efforts of national teams. He emphasized legislative reforms and international cooperation as key strategies in confronting global money laundering effectively.
Ahmed Ali Al Sayegh, Minister of State, affirmed the UAE’s commitment to implementing effective policies to combat financial crimes, in line with international best practices. He emphasized integrity, transparency, and stability in the financial system.
Khalid Mohammed Salem Balama Al Tamimi, Governor of the Central Bank of the UAE, underscored the UAE’s commitment to enhancing its approach and commitment to combating financial crimes. He emphasized the adoption of a risk-based regulatory approach and cooperation with international institutions to safeguard the global financial system.
Hamed Al Zaabi, Director-General of the Executive Office of Anti-Money Laundering and Counter Terrorism Financing, commended the collective efforts of federal and local authorities, alongside the private sector, in aligning with the national strategy and action plan. He highlighted ongoing efforts to enhance national capabilities and foster regional and global partnerships to combat financial crimes effectively.