FATF affirms UAE’s commitment on bolstering AML/CFT efforts with action plans and support from private sector

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FATF

 UAEUAE – The Financial Action Task Force (FATF) has acknowledged that the United Arab Emirates has made positive progress in its anti-money laundering (AML), opposing the financing of terrorism (CFT), and counter-proliferation financing (CPF) efforts.

The UAE has indicated its strong commitment to working closely with FATF to address remaining areas of improvement through the implementation of an action plan.

Intending to ensure the success and sustainability of the UAE’s efforts to strengthen its anti-financial crime framework, FATF has announced that it has placed the UAE under increased monitoring.

FATF has noted that the UAE has “greatly strengthened” its anti-financial crime framework, the action plan builds on the firm foundations established and important efforts already underway.

The UAE’s Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism comments on the country’s ongoing efforts to fight financial crime.

“The UAE takes its role in protecting the integrity of the global financial system extremely seriously and will work closely with the FATF to quickly remedy the areas of improvement identified. On this basis, the UAE will continue its ongoing efforts to identify, disrupt and punish criminals and illicit financial networks in line with FATF’s findings and the UAE’s National Action Plan, as well as through close coordination with our international partners.”

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The UAE’s remarkable commitment to them extending efforts to fight money laundering and counter-terrorist financing remains a key pillar especially as the country continues to build on its status as an attractive global business hub that operates in line with international standards. Additionally, concentrated actions and ongoing measures taken by the UAE Government and supportive private sectors are in place to secure the stability and integrity of the country’s financial system.

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