Both sides reaffirmed their commitment to working collaboratively to safeguard the integrity of their financial systems …reports Asian Lite News
The sixth EU-UAE Structural Dialogue on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) was recently held in Brussels.
This high-level meeting underscored the ongoing commitment and collaboration between the United Arab Emirates and the European Union in combating the global issue of financial crimes and enhancing international cooperation.
During the dialogue, both parties discussed current trends and challenges in the global fight against money laundering and the financing of terrorism. Key topics included the state of play of international cooperation between the UAE and EU, ongoing efforts to address AML/CFT issues, and the development of strategies to mitigate emerging risks.
Both sides reaffirmed their commitment to working collaboratively to safeguard the integrity of their financial systems and to uphold global standards in this regard.
Rashed Al Teneiji, Director of the Economic and Trade Affairs Department, at the Ministry of Foreign Affairs (MoFA), highlighted the UAE’s commitment to strengthening its regulatory frameworks. He further emphasized the importance of holding such meetings between the UAE and EU counterparts to discuss cooperation and strengthen communication channels between both sides.
” The UAE is fully committed to taking the necessary action to protect the integrity of the financial system, in line with its international obligations. In this regard, the UAE continues to work closely with international partners to reinforce collective defense against global financial crime.
“The UAE remains a premier location for innovation and investment and the country is taking all measures needed to strengthen its position. Hence, the UAE’s efforts have, and continue to be, focused on developing a system that is resilient, sustainable, and robust.”
Al Teneiji added, “On February 24th, 2023, the Financial Action Task Force (FATF), announced that the UAE has been removed from FATF’s list of ‘Jurisdictions under Increased Monitoring’ (grey list), which affirms the UAE’s commitment to undertaking proactive measures to combat financial crimes and enhance the country’s approach to align with best international practices.”
The 6th EU-UAE Structural Dialogue on AML/CFT marks another step forward in the robust partnership between the UAE and the EU, reinforcing the parties’ shared determination to combat global financial crime through effective and collaborative measures. This dialogue highlights their unwavering commitment to strengthening financial security and integrity.
By enhancing their cooperation, sharing best practices, and implementing innovative strategies, the UAE and the EU are setting a powerful example in the fight against money laundering.
The progress achieved in this dialogue underscores the significant impact of their joint efforts and paves the way for future successes in safeguarding the global financial system.
ALSO READ: CBUAE explores initiatives to achieve ‘Zero Bureaucracy’
