Financial Integrity Triumph: UAE Completes FATF Recommendations
UAE Successfully Completes FATF Recommendations: A Milestone in Financial Integrity
In a significant achievement, the United Arab Emirates (UAE) has successfully completed all 15 recommendations outlined by the Financial Action Task Force (FATF), marking a milestone in the country’s commitment to combat money laundering and terrorism financing. The announcement was made following FATF’s plenary meetings held in Paris from 19th to 23rd February 2024.
Commitment to International Standards
The completion of FATF recommendations underscores the UAE’s unwavering dedication to upholding international standards and safeguarding the integrity of the global financial system. H.H. 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, lauded the collective efforts of relevant ministries, the federal government, and local entities in achieving this significant milestone.
Strengthening Financial Systems
Sheikh Abdullah emphasized the UAE’s commitment to strengthening its position as a global economic, trading, and investment hub by fully enforcing all relevant international laws and conventions. The UAE’s economy, one of the fastest-growing in the world, aims to consolidate its approach to combating financial crimes and enhancing regulatory frameworks to ensure the safety and stability of the financial system.
Collaboration and Cooperation
The UAE reaffirms its commitment to collaborating with international partners and relevant organizations to combat financial crimes on a global scale. By fostering comprehensive and integrated collaborations, the UAE seeks to address global challenges related to money laundering, terrorism financing, and illegitimate organizations effectively.
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Recognizing National Efforts
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, highlighted the UAE’s resolve to intensify its participation within multilateral organizations and strengthen bilateral relations to enhance national and international cooperation in combating financial crimes. The UAE’s proactive measures underscore its commitment to implementing effective policies aligned with best international practices.
Building Future Initiatives
Abdullah bin Touq Al Marri, Minister of Economy, emphasized the importance of preventing illegitimate financial flows and supporting the efficiency of the national plan for combating money laundering and terrorism financing. The UAE remains steadfast in its commitment to advancing future initiatives aimed at reinforcing its position as a global hub for trade and investment.
Legislative Reforms and International Cooperation
Abdullah bin Sultan bin Awad Al Nuaimi, Minister of Justice, highlighted the significant progress achieved through legislative reforms and international cooperation in combating global money laundering. The UAE’s efforts extend to signing cooperation agreements with international partners to address global crimes effectively and comprehensively.
Upholding Integrity and Transparency
Ahmed Ali Al Sayegh, Minister of State, reiterated the UAE’s commitment to implementing effective policies to combat financial crimes while upholding the highest levels of integrity and transparency in finance and trade regulation. The UAE’s strategy aims to support the country’s leading position and ensure the stability and sustainability of the financial system.
Ensuring Financial Security
Khalid Mohammed Salem Balama Al Tamimi, Governor of the Central Bank of the UAE, emphasized the UAE’s commitment to establishing effective controls to combat money laundering and terrorism financing. The UAE’s proactive measures aim to safeguard the financial system and enhance cooperation with international institutions to ensure the safety and integrity of the global financial system.
Acknowledging Collective Efforts
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, the private sector, and all stakeholders involved in aligning with the national strategy and action plan. The UAE’s dedication to combating financial crimes reflects its commitment to economic and financial security on both regional and international fronts.
