UAE anti-money laundering task force to meet EU to fight financial crime

Country is part of global and regional efforts to step up financial offences with strict prevention regime

Hamid Al Zaabi, secretary general and vice chairman of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee. Photo: WAM

The UAE is to hold high-level talks with the European Union in support of an international effort to tackle money laundering and other financial crimes.

Hamid Al Zaabi, secretary general and vice chairman of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee, said the country had already held discussions with the US and France on a global strategy to fight financial crime that covers drugs and fraud-related cases with strict prevention measures.

He said international co-operation was vital and emphasised the UAE’s commitment to be part of the drive for global financial and economic stability. Further meetings with the EU and other nations are planned to strengthen collaboration, state news agency Wam reported.

“Through comprehensive preventive measures the UAE continues to foster a stable and secure economic environment for all,” Mr Al Zaabi said.

Anti-money laundering message

Mr Al Zaabi said private sector and financial institutions were important partners in the UAE's clamp down on financial crime.

More than 8,000 questionnaires have been submitted to the UAE's national anti-money laundering body by companies as part of a major risk-assessment strategy.

As vice chair of the Middle East and North Africa Financial Action Task Force this year, he said the UAE plays a key role in hosting training workshops, offering technical support and sharing expertise with countries in the region. The UAE’s efforts to work across the region to spread information would improve the readiness of neighbouring countries during evaluation and assessment by the task force.

In September, the UAE introduced a nationwide action plan to combat terrorism financing and money laundering.

“This ongoing effort strengthens the country's ability to adapt to future financial challenges.” said Mr Al Zaabi.

The 2024-2027 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing includes 11 primary objectives, 50 sub-goals and more than 250 initiatives aimed at achieving its targets by 2027.

The project was developed by the General Secretariat of the National Committee, using World Bank Group methodology to ensure it meets international standards. "The strategy goes beyond legal aspects, encompassing economic, security and media dimensions, as well as capacity-building efforts." said Mr Al Zaabi.

Taking action

The Federal Supreme Court approved the extradition of French citizen Mehdi Charafa to France this month on charges of drug trafficking and money laundering.

The decision came after a request from French authorities and after the defendant had exhausted all legal procedures, Wam reported.

The UAE has made significant strides in the fight against financial crime. In August, the government amended its laws on anti-money laundering, and the financing of terrorism and illegal organisations.

These changes aim to strengthen efforts against financial crime while ensuring the country’s technical compliance with international treaties and recommendations.

As a result, the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations was established.