UAE Financial Intelligence Unit Makes Substantial Donation to Global Efforts Against Financial Crimes

The United Arab Emirates (UAE), currently under scrutiny on the Financial Action Task Force's (FATF) "grey list," has made a significant contribution to the Egmont Group of Financial Intelligence Units (FIUs). The Egmont Group, which represents the world's police Financial Intelligence Units, recently received a substantial donation from the UAE Financial Intelligence Unit (UAEFIU) to support the Egmont Centre of FIU Excellence and Leadership (ECOFEL) Program.

Despite being on the FATF's grey list and facing criticism for its alleged involvement in facilitating Russian financial flows and arms shipments, the UAE's financial contribution is aimed at enhancing the capabilities of FIUs globally. The Egmont Centre of FIU Excellence and Leadership (ECOFEL) Program, a key initiative of the Egmont Group, plays a crucial role in achieving this objective through its training program and learning platform, boasting 7,000 registered participants.

Elżbieta Franków-Jaśkiewicz, Interim Chair of the Egmont Group of FIUs, expressed gratitude to the UAEFIU, stating, "Their support is instrumental in helping the ECOFEL continue equipping FIU personnel with AML/CFT training knowledge and expertise." She highlighted that the funding demonstrates the UAE's commitment to anti-money laundering and countering the financing of terrorism (AML/CFT) principles on a global scale.

Ali Faisal Ba’Alawi, Head of UAEFIU, emphasized the UAE's dedication to safeguarding the global economy from financial crimes through international collaboration. By contributing to the ECOFEL program, Ba’Alawi stated that the UAEFIU aims to strengthen and support international efforts to combat money laundering and terrorism financing, ensuring all FIUs have access to expert training and resources.

The donation from the UAE Financial Intelligence Unit will join the contributions from other generous donors to ECOFEL, including the U.S. Department of State – Bureau of International Narcotics and Law Enforcement Affairs (INL), SECO Economic Cooperation and Development, Saudi Arabia FIU (SAFIU), AUSTRAC, UK Financial Intelligence Unit (UKFIU), Anti-Money Laundering Division (AMLD) – Taiwan, Grand Duchy of Luxembourg, and past donors.

In a statement, the Egmont Group expressed gratitude to the UAEFIU and other donors, emphasizing that with their support, ECOFEL continues to deliver professional training and knowledge to FIU personnel worldwide, empowering FIUs to strive towards excellence and leadership in combating financial crimes.

By fLEXI tEAM