UAE reaffirms its commitment to combating international financial crime

Dubai: The UAE reaffirmed its strong commitment and ongoing efforts in relation to AML/CFT, state news agency WAM reported on Friday.

The country also welcomed the FATF announcement made on Friday during the second FATF Plenary under the two-year Singapore Presidency in Paris which concluded FATF Week 2023.

During the event, the FATF recognised the high-level political commitment and significant progress shown by the country.

Authorities have made significant progress in adopting international standards for AML/CFT, which includes taking a government-wide approach to improving inter-agency coordination, expanding international cooperation to prevent and prosecute financial crime, and launching public-private partnership initiatives.

The UAE continues to implement significant actions to combat financial crime and strengthen the effectiveness of the AML/CFT framework in line with the National Strategy for AML/CFT and the National Action Plan of the country.

“The UAE welcomes the FATF statement today which recognises the significant progress made to date in the UAE AML/CFT framework," the Executive Office of AML/CTF said in a statement. "The UAE is committed to advancing global efforts to safeguard the international financial system from malicious actors and perpetrators of financial crime, both at home and abroad."

"The UAE has dedicated significant human capital and investment in strengthening its AML/CFT system to disrupt illicit financial flows in a proactive and coordinated manner," it added. "Cooperation with international partners is essential in this regard to bolster collective efforts against financial crime."

The statement reaffirmed the UAE's efforts to bolster its position as one of the most trusted and resilient economies worldwide.