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UAE and EU join hands in fight against money laundering and terrorism financing

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UAE and EU join hands in fight against money laundering and terrorism financing

The latest EU-UAE Structural Dialogue on Anti-Money Laundering and Countering the Financing of Terrorism underscored their ongoing commitment and collaboration in combating the global issue of financial crimes and enhancing international cooperation.

During the dialogue, both parties discussed current trends and challenges. Key topics included the state of play of international cooperation between the UAE and EU, ongoing efforts to address financial crimes and the development of strategies to mitigate risks.

In the meeting held in Brussels, both sides reaffirmed their commitment to working collaboratively to safeguard the integrity of their financial systems and to uphold global standards in this regard, as per official media reports.

UAE protecting the integrity of its financial system

Rashed al-Teneiji, director of the economic and trade affairs department at the foreign ministry, highlighted the UAE’s commitment to strengthening its systems, emphasising the value of holding such meetings to discuss cooperation and bolster communication channels.

“The UAE is fully committed to taking the necessary action to protect the integrity of the financial system … The UAE continues to work closely with international partners to reinforce collective defense against global financial crime.”

He also highlighted the fact that the Financial Action Task Force (FATF) on February 24, 2023, announced that the Gulf state has been removed from its grey list. The decision shines light on the country’s commitment to undertaking proactive measures to combat crimes.

Things to expect from UAE’s removal from FATF grey list

Established in 1989, the FATF is an intergovernmental body that fights money laundering, financing of terrorism and proliferation financing. The organisation guides countries on the measures to tackle financial crimes.

Being on the grey list suggests a need for the country to improve in certain areas over an agreed timeline. The UAE’s removal from the list indicates the Gulf state has made substantial progress in strengthening its systems to put an end to financial crimes.

Examples of measures taken include the creation of an executive office to fight the crimes and the establishment of a special court for financial crime prosecution. The UAE’s removal from the list presents a range of possibilities for businesses.

Ramez covers the News and Reports sections on The Gulf Independent. He holds a notable experience spanning more than six years, delivering timely and informative content on noteworthy developments in the vast Gulf region.  Interest:  Ramez is your dependable compass for the freshest, unbiased and elaborate coverage of the Middle East and Gulf regional news and events. He believes in the power of giving each story a unique perspective, subsequently inspiring conversation and promoting transparency.  Education and Experience:  Armed with a promising degree in Journalism and Digital Media from the prestigious American University of Sharjah in the UAE, Ramez has been helping audiences get a better understanding of the region's sensitive issues and massive potential. Email Id: https://twitter.com/RamezSpectnews

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