UAE Expert Group for AML/CFT deepens engagement with 14 countries over last month
ABU DHABI, 3rd October, 2021 – The United Arab Emirates Expert Group for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) has continued to hold productive meetings with key partners to discuss AML/CFT matters.
From July to mid-September, the Expert Group met with counterparts from Argentina, Brazil, China, Hong Kong (Special Administration Region, China) (SAR), India, Israel, Italy, Malta, Mexico, New Zealand, Singapore, Sweden, the United States, and the United Kingdom.
These meetings built on earlier meetings held with other key partners, including Saudi Arabia, the Gulf Cooperation Council (GCC), the European Commission (EC), and Russia.
During the latest meetings, detailed discussions took place on a range of AML/CFT reforms adopted as part of the UAE’s ongoing plans to bring about a sustainable AML/CFT framework, including in relation to topical and sectoral risk assessments; the UAE’s beneficial ownership regime; money laundering investigations and prosecutions; and the importance of equipping the public and private sectors with the tools needed to strengthen the UAE’s financial crime compliance defences and controls.
In addition, discussions highlighted the implementation of the UAE’s National Action Plan (NAP) and the ongoing work of the Higher Committee Overseeing the National Strategy on AML/CFT, the Executive Office for AML/CFT, and National AML/CFT Committee on coordinating the UAE’s approach to strengthening its AML/CFT framework.
Evidence of the UAE’s recent efforts was demonstrated throughout the meetings.
Important milestones were highlighted, including the recent establishment and meetings held by the Public-Private Partnership Committee, which brings together 16 government agencies and private sector institutions in a dynamic coalition to sharpen the UAE’s collective focus on improving the investigation and prosecution of financial crimes through intelligence sharing and analysis.
International cooperation also remained high on the agenda during the meetings.
Ongoing examples of cooperation with international partners were relayed by the UAE’s Ministry of Justice (MoJ), Ministry of Foreign Affairs and International Cooperation (MoFAIC), the Financial Intelligence Unit (FIU), the Ministry of Interior (MoI), supervisory authorities, and law enforcement agencies.
Most importantly, the meetings offered an important opportunity to learn from the UAE’s partners in adopting AML/CFT best practices in line with the global and regional threats posed by illicit finance.
Amna Fikri, Director of the Economic and Trade Affairs Department at MoFAIC, said, “It is a privilege to explain the significant progress being made to our international partners, with whom we are committed to working closely as we look to safeguard the integrity of the international financial system.
By doing so, we will continue to accelerate our abilities in detecting, investigating, and understanding money laundering and terrorist financing risks as we advance our financial crime compliance frameworks in the UAE and ensure their long-term resilience and sustainability.