"Senior Officials" Form the UAE's Strong Commitment to Combating Money Laundering and Terrorist Financing
"Senior officials" in the UAE affirmed the country's strong commitment and continued efforts in combating money laundering and terrorist financing, as the UAE continues to implement a set of important measures to combat financial crime and enhance the effectiveness of the anti-money laundering and terrorist financing system in line with the national strategy to combat this crime. The UAE National Action Plan.
They pointed out that the competent state authorities have so far made unprecedented progress in adopting international standards for combating money laundering and terrorist financing and will continue to increase their efforts, through close and continuous coordination between the authorities, and international cooperation as well as with the private sector in this regard.
They affirmed the UAE's commitment at the highest level to combating financial crime in accordance with the global agenda to combat money laundering and terrorist financing, which remains a strategic priority for the UAE.
Lieutenant-General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, said: "The continuous efforts to strengthen the anti-money laundering system in the UAE are a testament to our strong commitment to combating this global problem as a strategic priority. I appreciate the efforts of the Ministry of Finance, the Ministry of Justice and Prosecutions, the Ministry of Economy and the Bank of UAE Central, Security Forces, UAE Police, Customs, Financial Information Unit and all concerned parties are working closely and diligently to combat financial crime.. Our efforts to protect our security and economic prosperity always come first.. This means that the Ministry and law enforcement agencies in the United Arab Emirates It will continue to investigate and apprehend complex criminal networks and their assets in close coordination with our local and international partners."
H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Chairman of the Supreme Committee Supervising the National Strategy for Combating Money Laundering and Terrorism Financing, stressed that the UAE is keen to accelerate the pace of the national action plan to combat money laundering and terrorist financing, stressing that this file is a priority. A strategy for the country.. "As Chairman of the Higher Committee overseeing the national strategy to combat money laundering and terrorist financing, I would like to reiterate the commitment of the UAE at the highest level to strengthening our national framework for combating money laundering and terrorist financing, and this includes working closely with the Financial Action Group, and our partners international, and the private sector on a sustainable and continuous basis.As I explained before, financial crime is a concern of all major economies, and we in the UAE take it very seriously, and by continuing with our disciplined approach, we will make a real difference in our ability to prevent illicit financial flows and achieve our goal of making a The UAE is one of the strongest and most respected economies in the modern world.”
Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, said: "The UAE remains firmly committed to continuing to strengthen efforts to maintain the stability and integrity of the financial system. We will closely review the detailed recommendations received from our international partners and the Financial Action Task Force, and ensure that they are addressed and implemented as soon as possible." Possibly over the coming period, as well as in the long term.
To ensure that our national strategy and national action plan for combating money laundering and terrorist financing continues to focus on improving effectiveness in key areas, AML/CFT reforms will remain one of the main priorities in our 2022 federal budget and future budgets.”
Abdullah bin Touq Al Marri, Minister of Economy, said: “The interconnectedness of international organized crime networks, which has often developed thanks to technological advances, is worrying countries around the world. We in the UAE are facing this through “smart” and advanced analytics. technology, investigations and public-private partnerships..Our main goal was to provide the public and private sectors in the UAE with the tools to strengthen our collective defences.This includes building the institutional capacities stipulated in the risk assessment, the national action plan, and the national strategy to combat money laundering and terrorist financing. We also worked closely with the Ministry of Foreign Affairs and International Cooperation to facilitate cooperation and coordination with the international community on financial crime concerns, which is the cornerstone of establishing an advanced financial crime framework for the UAE and beyond.”
Abdullah bin Sultan Al Nuaimi, Minister of Justice, said: "The Ministry of Justice has committed itself to harnessing all available resources, including federal and local courts, to combat money laundering."
We are committed to preventing and punishing financial crimes as a top priority, as well as strengthening all efforts to prevent financial crimes and fraud.
We have made significant reforms in a short period of time to bring criminals to justice and continue to work efficiently and effectively to ensure that FATF findings are addressed.
In order to ensure the existence of appropriate legislation to address money laundering patterns, the new amended Federal Law No. 26 of 2021 was issued on September 13, 2021, as was preceded by Federal Law No. 20 of 2018 regarding combating money laundering, terrorist financing and the financing of illegal organizations.
Khalid Mohammed Balama, Governor of the Central Bank of the United Arab Emirates and Chairman of the National Committee for Combating Money Laundering and Combating the Financing of Terrorism and Illicit Organizations, said that the regulations and policies of the Central Bank of the United Arab Emirates regarding financial institutions licensed in the UAE aim to address the global challenges of money laundering and terrorist financing activities as a priority. strategy.
Significant progress has been made in supervisory initiatives and control measures over the financial sector to develop an effective and integrated system to combat financial crimes of all kinds, and the Financial Action Task Force (FATF) has praised these efforts.. Considering that the UAE is an important regional and international financial center, we continue to commit to setting Effective anti-money laundering and terrorist financing controls to protect our financial system.
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