Ahmed Ali Al Sayegh is UAE Minister of State and UAE Sherpa for the G20
February 27, 2024
Over the past four decades, there have been commendable and concerted global endeavours to strengthen the regulatory framework in response to the evolving risks associated with international financial crime. These collaborative efforts have established robust practices in the realm of combating money laundering.
The UAE is committed to addressing the risks posed by financial crime – whether to consumers, businesses, or the integrity of the financial system. The UAE’s leadership demonstrated its steadfast commitment across more than 90 government entities – along with the private sector – by making a high-level pledge to enhance the effectiveness of its defence against financial crime, setting out clear rules and expectations.
This was underlined this week when the Financial Action Task Force (FATF) announced that the UAE has completed all recommendations from its action plan and has been removed from FATF’s list of “jurisdictions under increased monitoring”, following a plenary meeting held from February 19-23 in Paris.
This announcement affirms the UAE’s proactive measures to combat financial crime and enhance the country’s approach to align with best international practices. Through such measures, the UAE aims to reinforce its leading position at the forefront of one of the world’s most diverse and fastest-growing economies and as a competitive economic, investment and financial hub that implements the highest standards of integrity and transparency.
The UAE will continue to collaborate with FATF and international partners to strengthen its collective defence systems against international financial crimes. These endeavours included creating effective tools to enhance financial compliance, and consolidating the work that has been achieved to combat money laundering and countering the financing of terrorism.
This announcement affirms the UAE’s proactive measures to combat financial crime and enhance the country’s approach to align with best international practices
This aligns with the UAE’s economic strategies, which are based on economic diversity, aimed at building a knowledge-based and diversified economy strengthened by scientific and technological advancement. The UAE’s economic business environment is characterised as dynamic, prosperous, and attractive to direct foreign investments, ranking first among Arab nations and holding an advanced position globally as a modern financial, trading and economic hub.
The UAE’s vision for the next 50 years is to become an international hub for investments and economic innovation, an inclusive system for entrepreneurship and an advanced lab for new economic opportunities and projects.
In just 52 years, the wise leadership has successfully transformed the UAE into a thriving global financial centre and international economic trading hub. Within this transformative period, the country has developed an environment conducive to business prosperity, marked by robust regulatory frameworks, unwavering government support, seamless physical and digital connectivity, and a workforce distinguished by its high skill levels and remarkable talent pool. This rapid evolution positions the UAE as not only a testament to visionary development but also as a testament to the nation's commitment to fostering an unparalleled ecosystem for businesses to thrive.
Furthermore, our Comprehensive Economic Partnership Agreements (Cepas) are establishing and deepening trade connections with dynamic, high-growth economies worldwide. The agreements aim to enhance the UAE’s economic competitiveness by aiming to attract $150 billion (Dh550 billion) of direct foreign investments over the next nine years. These investments will focus on sectors such as the digital economy, infrastructure, entrepreneurship, advanced skills, space and advanced technology. Together, Cepas will shape a dynamic and prosperous journey for the UAE and future generations across the region.
However, the country believes that the risks of global financial crime are continually evolving. Thus, the UAE is focused on maintaining the infrastructure and systems to address contemporary as well as future financial crime risks.
The UAE’s commitment to addressing financial crime is built on a clear understanding that it is a global problem, which therefore requires international effort. This recognition underscores the shared responsibility in preventing financial crime, money laundering and terrorist financing, involving a diverse array of stakeholders such as policymakers, regulators, law enforcement, financial intelligence agencies and private sector entities.
With globalisation and the progression of new technologies and digitisation, it is imperative to forge an equitable balance between fostering innovation and establishing a transparent and predictable regulatory framework.
That is why it is crucial that everyone knows the “rules of the game”, and equally important that adherence to these rules is unwavering. These regulations serve as a means to formalise expectations, seeking and ensuring compliance without stifling innovation. Ideally, such rules should be internationally agreed upon and implemented to foster a cohesive global approach.
In the UAE, we place great emphasis on robust multilateral partnerships and a collective dedication to attaining stability and prosperity. Through these principles, we aim to spearhead a new era in global exchange, safeguarding our role as a thriving global financial centre and an international economic trading hub.
By taking these proactive measures to fortify our economy, we not only enhance the safety and strength of the UAE but also secure its position as a pivotal player in this transformative phase of global exchange.
Brief scores:
Toss: South Africa, chose to field
Pakistan: 177 & 294
South Africa: 431 & 43-1
Man of the Match: Faf du Plessis (South Africa)
Series: South Africa lead three-match series 2-0
Countries offering golden visas
UK Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Asia Cup Qualifier
Final
UAE v Hong Kong
TV:
Live on OSN Cricket HD. Coverage starts at 5.30am
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11 What time: Each day’s play is scheduled to start at 2pm UAE time. TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
If you go
The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.
The car
Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.
Parks and accommodation
For information on Crater Lake National Park, visit www.nps.gov/crla/index.htm. Because of the altitude, large parts of the park are closed in winter due to snow. While the park’s summer season is May 22-October 31, typically, the full loop of the Rim Drive is only possible from late July until the end of October. Entry costs $25 per car for a day. For accommodation, see www.travelcraterlake.com. For information on Umpqua Hot Springs, see www.fs.usda.gov and https://soakoregon.com/umpqua-hot-springs/. For Bend, see https://www.visitbend.com/.
The DMZ was created as a buffer after the 1950-53 Korean War.
It runs 248 kilometers across the Korean Peninsula and is 4km wide.
The zone is jointly overseen by the US-led United Nations Command and North Korea.
It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
