The UAE understands the threat of financial crime better than most

More than 400 financial crime fighters from across Asia and the Pacific have quietly gathered in Abu Dhabi for an event that, while out of the public eye, plays an essential role in protecting the global financial system. The Asia/Pacific Group on Money Laundering (APG), one of nine regional bodies comprising the Financial Action Task Force (FATF) network, is holding its first-ever annual meeting in the Mena region, a significant moment for both the UAE and global financial crime enforcement.

Why has the APG chosen the UAE, a country outside its regional grouping, for this high-profile meeting? The answer is simple: the UAE is a key player in the fight against financial crime, underscoring the necessity of strategic global partnerships in a world where financial crimes transcend borders. Criminal networks, often enabled by rapid technological advances, operate on an international scale, exploiting weak points wherever they exist. The UAE understands that effectively combating this menace requires strong, co-ordinated efforts across nations.

In recent years, the UAE has intensified in the fight against money laundering and financing of terrorism, reflecting its position as a trusted international partner. The country has signed 45 legal assistance agreements, strengthened its international co-operation network, and participated in a range of events organised by global and regional anti-money laundering (AML) bodies, including FATF, MENAFATF, APG, Eurasia Group (EAG) and more. Central to this effort is the UAE’s unwavering commitment to transparency and fact-based communication with its partners.

Ministers at a Cabinet meeting chaired by Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid on September 2 approved the UAE's 2024-27 National Strategy for Anti-Money Laundering. Photo: Dubai Media Office

This international collaboration has produced tangible results. In 2022, the UAE successfully extradited 109 wanted criminals, a figure that nearly doubled in 2023 with 214 extraditions. The exchange of high-quality financial information has also bolstered national money laundering investigations, resulting in significant asset recovery – Dh3.5 billion ($952.9 million) in the first half of 2024 alone, a notable increase from Dh2.34 billion in 2023.

Given this momentum, hosting the APG Annual Meeting in the UAE is a fitting acknowledgment of the country’s achievements. The UAE – home to two leading financial hubs and a diverse, highly skilled workforce – is a vital player in the global economy. Its growing leadership in AML/CFT (Anti-Money Laundering and Countering the Financing of Terrorism) efforts reflects its readiness to engage with international partners in addressing the world’s most pressing financial crime challenges.

The UAE’s role as host of this important meeting is also a testament to our commitment of a more integrated approach to global financial crime enforcement and enlarged role for FATF-style regional bodies.

This week’s meeting will include evaluations of five APG member states, alongside technical sessions on a wide range of topics such as the latest financial crime trends and capacity building. But more than formal presentations, what will matter most are the informal discussions between delegations – conversations that will shape the way forward in tackling the challenges unique to different nations. These discussions will reveal how no single solution fits all, given each country’s unique financial crime threats and resources, but they will also highlight how cross-regional co-operation can yield progress.

The UAE’s experience in collaborating with countries like India, Bangladesh and Nepal to monitor remittance-related cash payments shows how diverse nations can unite to find innovative solutions to common problems. The UAE itself will present on timely topics such as virtual assets, beneficial ownership and public-private partnerships – all areas where the nation has made significant strides and is ready to share best practices.

The UAE’s experience in collaborating with countries like India, Bangladesh and Nepal to monitor remittance-related cash payments shows how diverse nations can to find innovative solutions

This meeting is one of several key milestones for the UAE in 2024. The country recently introduced a new National Strategy for 2024-2027 and further enhanced its AML/CFT framework to centralise and streamline operations. The enhanced framework, overseen by the Higher Committee and led by an expanded National Committee, includes the former Executive Office of Anti-Money Laundering and Counter Terrorism Financing, which now serves as the General Secretariat. Additionally, the UAE is preparing to release its latest National Risk Assessment, completed in collaboration with the World Bank Group, which will provide an in-depth understanding of the nation’s risks and vulnerabilities in the financial crime space.

These actions reflect the UAE commitment to safeguarding the integrity of the financial system is not only a national priority but a global one. Through this week’s APG meeting and beyond, the UAE is proving itself a trusted partner in the international fight against financial crime, setting a standard for others to follow.

As the APG meeting unfolds in Abu Dhabi, the significance of this gathering cannot be overstated. Financial crime is not an issue confined to one country or region; it is a global threat that requires a unified, international response. The UAE’s leadership in hosting this important summit is a clear signal that it intends to be at the forefront of that response, working alongside its partners in the Asia/Pacific Group and beyond to protect the global financial system from those who seek to exploit it.

While you're here

Richard Jolly: Man City's appeal win eradicates uncertainty over club's future prospects

Nick March: City fans don’t miss the bad old days, they’re too busy living in the moment

Damien McElroy: What the failed Newcastle takeover says about Boris Johnson's Britain

Benefits of first-time home buyers' scheme

Priority access to new homes from participating developers
Discounts on sales price of off-plan units
Flexible payment plans from developers
Mortgages with better interest rates, faster approval times and reduced fees
DLD registration fee can be paid through banks or credit cards at zero interest rates

Grand Slam Los Angeles results

Men:
56kg – Jorge Nakamura
62kg – Joao Gabriel de Sousa
69kg – Gianni Grippo
77kg – Caio Soares
85kg – Manuel Ribamar
94kg – Gustavo Batista
110kg – Erberth Santos

Women:
49kg – Mayssa Bastos
55kg – Nathalie Ribeiro
62kg – Gabrielle McComb
70kg – Thamara Silva
90kg – Gabrieli Pessanha

Sole survivors

Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.

UNpaid bills:

Countries with largest unpaid bill for UN budget in 2019

USA – $1.055 billion

Brazil – $143 million

Argentina – $52 million

Mexico – $36 million

Iran – $27 million

Israel – $18 million

Venezuela – $17 million

Korea – $10 million

Countries with largest unpaid bill for UN peacekeeping operations in 2019

USA – $2.38 billion

Brazil – $287 million

Spain – $110 million

France – $103 million

Ukraine – $100 million

RESULTS

Manchester United 2

Anthony Martial 30'

Scott McTominay 90 6'

Manchester City 0

Apple%20Mac%20through%20the%20years

%3Cp%3E1984%20-%20Apple%20unveiled%20the%20Macintosh%20on%20January%2024%3Cbr%3E1985%20-%20Steve%20Jobs%20departed%20from%20Apple%20and%20established%20NeXT%3Cbr%3E1986%20-%20Apple%20introduced%20the%20Macintosh%20Plus%2C%20featuring%20enhanced%20memory%3Cbr%3E1987%20-%20Apple%20launched%20the%20Macintosh%20II%2C%20equipped%20with%20colour%20capabilities%3Cbr%3E1989%20-%20The%20widely%20acclaimed%20Macintosh%20SE%2F30%20made%20its%20debut%3Cbr%3E1994%20-%20Apple%20presented%20the%20Power%20Macintosh%3Cbr%3E1996%20-%20The%20Macintosh%20System%20Software%20OS%20underwent%20a%20rebranding%20as%20Mac%20OS%3Cbr%3E2001%20-%20Apple%20introduced%20Mac%20OS%20X%2C%20marrying%20Unix%20stability%20with%20a%20user-friendly%20interface%3Cbr%3E2006%20-%20Apple%20adopted%20Intel%20processors%20in%20MacBook%20Pro%20laptops%3Cbr%3E2008%20-%20Apple%20introduced%20the%20MacBook%20Air%2C%20a%20lightweight%20laptop%3Cbr%3E2012%20-%20Apple%20launched%20the%20MacBook%20Pro%20with%20a%20retina%20display%3Cbr%3E2016%20-%20The%20Mac%20operating%20system%20underwent%20rebranding%20as%20macOS%3Cbr%3E2020%20-%20Apple%20introduced%20the%20M1%20chip%20for%20Macs%2C%20combining%20high%20performance%20and%20energy%20efficiency%3Cbr%3E2022%20-%20The%20M2%20chip%20was%20announced%3Cbr%3E2023%20-The%20M3%20line-up%20of%20chip%20was%20announced%20to%20improve%20performance%20and%20add%20new%20capabilities%20for%20Mac.%3C%2Fp%3E%0A

How being social media savvy can improve your well being

Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.

As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.

Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.

Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.

Torrena said that “most people believe that dieting and keeping fit is boring”.

However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.

“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.

People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.

The biog:

From: Wimbledon, London, UK

Education: Medical doctor

Hobbies: Travelling, meeting new people and cultures

Favourite animals: All of them

While you're here

National Editorial: World trade has started to look inwards

Callum Patton: ‘Arrival of Asian century’ has eclipsed US

Robin Mills: Importance of China's energy markets clearer

Financial considerations before buying a property

Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.

“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.

Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.

Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.