UAE Strengthens Global Ties in Fight Against Money Laundering and Financial Crime

The United Arab Emirates (UAE) is set to engage in high-level discussions with European Union member states as part of a global initiative to combat money laundering and financial crime.

Hamid Al Zaabi, secretary general of the UAE’s National Anti-Money Laundering and Countering the Financing of Terrorism Committee, highlighted that the country has already collaborated with the United States and France to develop strategies targeting financial crimes, including fraud and drug-related offenses.

“Through comprehensive preventive measures, the UAE continues to foster a stable and secure economic environment for all,” Al Zaabi stated, as reported by state news agency WAM.

WAM further quoted Al Zaabi as saying, “Further meetings with the European Union and other nations are planned to bolster these collaborative efforts.” However, the agency did not specify which EU nations the UAE intends to engage with.

Al Zaabi also underscored the crucial role of financial institutions and the private sector in the fight against financial crime. As part of a major risk assessment initiative, more than 8,000 companies have submitted questionnaires to the UAE’s anti-money laundering body.

As the vice chair of the Middle East and North Africa Financial Action Task Force this year, the UAE is spearheading regional training workshops, providing technical support, and sharing its expertise. According to Al Zaabi, these initiatives aim to assist neighboring countries in preparing for evaluations by the task force.

In September, the UAE launched a nationwide strategy to tackle money laundering and terrorism financing. The 2024-2027 plan includes 11 primary objectives, 50 sub-goals, and over 250 initiatives. The strategy, developed using World Bank methodology, aligns with international standards.

“The strategy goes beyond legal aspects, encompassing economic, security, and media dimensions, as well as capacity-building efforts,” Al Zaabi explained.

The UAE has also taken concrete steps in recent months to reinforce its financial crime framework. The Federal Supreme Court recently approved the extradition of Mehdi Charafa, a French national, to France, where he faces charges related to drug trafficking and money laundering. French authorities had requested his extradition, and he had exhausted all legal appeals.

Additionally, the UAE has strengthened its anti-money laundering laws. In August, the government amended regulations to enhance enforcement and ensure compliance with international treaties. These regulatory reforms led to the establishment of the National Committee for Anti-Money Laundering and Countering the Financing of Terrorism.

By fLEXI tEAM