UAE and UK hold talks to find 'global solutions' to financial crimes

Emirati delegation travels to London for talks with UK minister Dan Jarvis

Hamid Al Zaabi, secretary general and vice chairman of the UAE National Anti-Money Laundering and Countering the Financing of Terrorism and Illegal Organisations Committee, meets Dan Jarvis, UK Minister of State for Security. WamShow less

An Emirati delegation has concluded high-level talks with representatives of the UK government in London aimed at advancing joint efforts to tackle financial crimes.

Hamid Al Zaabi, Secretary General and vice chairman of the UAE National Anti-Money Laundering and Countering the Financing of Terrorism and Illegal Organisations Committee, was welcomed by Dan Jarvis, UK Minister of State for Security, for two days of discussions on Tuesday and Wednesday.

The visit demonstrated the strength of a strategic partnership between the nations to safeguard international financial systems and take action against rogue financial networks-funding organised crime, state news agency Wam reported on Thursday.

The meetings were also attended by senior figures from the UAE's Ministry of Economy, Ministry of Interior, Ministry of Justice, UAE Customs and financial intelligence units from the Emirates.

The UK team included representatives from the Treasury, the Home Office, the Foreign, Commonwealth and Development Office and the UK Crown Prosecution Service.

“Financial crime is global in nature, and tackling it requires global solutions," said Mr Al Zaabi.

"The UAE and the UK are strongly committed to combating illicit finance, and this week’s discussions were productive, paving the way for increased operational effectiveness, while also supporting bilateral trade.”

Mr Jarvis said the talks were a "significant step in our joint efforts to tackle illicit finance and disrupt the international criminal networks who rely on it".

"Through cross border co-operation, together we can safeguard the security of both our nations while better protecting communities form the serious harm caused by money laundering and international criminality.

"The UK is proud to stand alongside our Emirati partners as we launch this crucial dialogue.”

During the visit the delegation met with members of the private sector at a round-table organised by the UK-UAE Business Council and hosted by the Embassy of the UAE in London.

The outcomes of the visit will support wider UAE-UK strategic co-operation on financial crime.

UAE steps up crime fight

The UAE has made important progress in combating money laundering and the financing of terrorism in recent years, issuing strict laws and introducing regulations to clamp down on such crime.

Last September, the UAE set out a nationwide action plan aimed at countering terrorism financing and money laundering. The 2024-2027 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing features 11 goals focused on risk-based compliance, effectiveness and sustainability.

The National reported in June how the EU planned to remove the UAE from a list of countries that pose a high risk for money laundering following a drive in the Emirates to boost regulatory framework.

The UAE was removed from a similar list last year by the Financial Action Task Force, the global body that combats money laundering and terrorism financing.