JobXDubai

The UAE has been recognized by the Financial Action Task Force (FATF) for its commendable progress in the fight against money laundering and terrorism financing. Achieving a significant milestone, the country has fulfilled all 15 actions of the FATF’s comprehensive plan. This accomplishment was highlighted during FATF’s recent plenary sessions in Paris.

Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, underscored the collective efforts of various ministries and entities that have propelled the nation towards this success. This achievement not only aligns with the UAE’s aspirations to bolster its economic, trading, and investment hub status but also reaffirms its commitment to upholding international laws and conventions critical to the integrity of the global financial system.

The UAE’s proactive approach and continuous collaboration with international partners are key to enhancing its legal and regulatory framework. This collaborative effort aims to combat financial crimes effectively on a global scale, highlighting the UAE’s pivotal role in ensuring the world’s financial system’s safety and stability.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, and Abdullah bin Touq Al Marri, Minister of Economy, both emphasized the UAE’s dedication to improving national and international cooperation to combat money laundering and terrorism financing. This commitment is part of the country’s broader strategy to position itself as a global hub for trade and investment.

Furthermore, Abdullah bin Sultan bin Awad Al Nuaimi, Minister of Justice, and Ahmed Ali Al Sayegh, Minister of State, both highlighted the legislative reforms and sustainable measures that have significantly contributed to the UAE’s progress in this domain.

Khalid Mohammed Salem Balama Al Tamimi, Governor of the Central Bank of the UAE, reaffirmed the nation’s unwavering commitment to addressing the challenges within the global financial system. The Central Bank’s efforts have greatly enhanced the UAE’s proactive role in fighting financial crimes through a risk-based regulatory approach and the issuance of relevant laws and regulations.

Hamed Al Zaabi, Director-General of the Executive Office of Anti-Money Laundering and Counter Terrorism Financing, praised the collaborative efforts that have led to this achievement. He emphasized the importance of continuing these endeavors to ensure the UAE’s economic and financial security, as well as its standing in the global community as a key player in combating financial crimes.

The UAE’s completion of the FATF’s action plan signifies a major step forward in its ongoing efforts to combat money laundering and terrorism financing, showcasing its commitment to maintaining a secure and transparent global financial system.