UAE steps up anti-money laundering efforts


Technical conversations took place on topics of global interest during the productive meetings with international counterparts…reports Asian Lite News

The UAE Expert Group for Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) held several productive meetings with its international counterparts in late 2022 and early 2023.

The UAE delegation, coordinated by the Ministry of Foreign Affairs and International Cooperation, also included representatives from the Executive Office for AML/CFT, Central Bank of the UAE, Financial Intelligence Unit of the UAE, Ministry of Economy, Ministry of Finance, Ministry of Justice, law enforcement agencies, and the Executive Office for Control and Non-Proliferation.

The Expert Group’s meetings in recent months built on established bilateral discussions with partners, including Australia, Canada, Singapore, Japan, South Africa, Italy, France, India, Spain, and the European Union.

In addition to discussing the UAE’s AML/CFT progress and measures taken in recent months to improve its system and mitigate any existing gaps, technical conversations took place on topics of global interest. These included exchanges of best practices on supervision of financial institutions and designated non-financial businesses and professions, beneficial ownership transparency, and the use of financial intelligence.

Rashed Al Teneiji, Deputy Director of the Economic and Trade Affairs Department at MoFAIC, said, “The spirit of international partnership and cooperation anchors the UAE’s efforts to safeguard the integrity of the global financial system. We welcome the opportunity to share information, exchange ideas, and discuss experiences with our international partners.

These fora represent a notable platform to explore the latest advances to supervisory structures across the economy and the financial crime compliance frameworks that underpin them.”

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