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In early March I participated in the Global Fraud Summit in Vienna, convened by the UN Office on Drugs and Crime, where ministers, law enforcement leaders and financial integrity experts gathered to discuss one of the fastest-growing threats to the global economy: financial fraud.
One theme has emerged clearly from these discussions. Financial crime rarely occurs in isolation. It often accelerates during periods of uncertainty, when geopolitical tensions and rapidly evolving events create opportunities for criminal networks to exploit.
Over the past several weeks the Gulf and wider region have been impacted by the conflict in Iran. During this time of instability many companies and residents may have noticed something unusual: suspicious text messages offering fake delivery services, emails promoting fraudulent investment schemes, or phone calls urging recipients to transfer money urgently.
These scams are not random.
Periods of geopolitical tension often trigger a surge in financial crime as bad actors seek to exploit uncertainty and fear. The current conflict involving Iran is no exception. As governments focus on diplomacy and security, criminal networks move quickly to take advantage of the extraordinary circumstances created by regional instability.
Across the region, authorities are observing elevated risks not only in online fraud but also in cybercrime, shipping-related deception, sanctions evasion, corporate concealment structures and the misuse of crypto-assets for money laundering. These activities are rarely isolated. They often form part of wider illicit financial networks operating across borders and jurisdictions.
In response, authorities in the UAE have acted swiftly to raise public awareness. The General Secretariat of the National Committee has run a “Protect Yourself” campaign, while the UAE Cyber Security Council and the UAE Public Prosecution have issued warnings about fraudulent messages and urged residents to report suspicious activity. These efforts reflect an important reality: protecting the integrity of the financial system is not only the responsibility of governments and regulators, but of society as a whole.
At first glance, such scams may appear to be isolated criminal acts. In reality, they are part of a broader challenge.
Financial crime is rarely just about money. Terrorist groups, organised crime networks and sanctions-evading actors rely on financial channels to move resources, sustain operations and expand their influence. The integrity of financial systems has therefore become a critical pillar of international security.
This is why the global framework for combating money laundering and terrorist financing plays such an important role. Institutions such as the Financial Action Task Force (FATF), together with regional bodies, help ensure that financial systems remain transparent, accountable and resilient to misuse.
In the Middle East and North Africa, this work is carried forward through the Middle East and North Africa Financial Action Task Force (MENAFATF). As President of MENAFATF, the UAE is committed to strengthening cooperation across the region to ensure that financial systems cannot be exploited by those seeking to destabilise our societies.
The stakes are high. Financial systems are the lifeblood of modern economies. When they function with transparency and integrity, they support investment, trade and development. But when they are abused by illicit actors, they can quickly become channels for corruption, organised crime and terrorism.
These risks become even more acute during periods of geopolitical tension. Illicit networks are quick to adapt, exploiting disruptions in trade flows, shipping routes and financial markets. Criminal groups may attempt to conceal transactions through complex corporate structures, informal value transfer systems or digital assets that move across borders at speed. Sanctions-evading networks may simultaneously seek new channels to bypass restrictions and access the international financial system.
Targeted financial sanctions have therefore become one of the most important tools available to the international community. By freezing assets and restricting financial access for designated individuals and entities, sanctions disrupt the financial lifelines that sustain terrorism, proliferation and serious organised crime.
But sanctions alone are not enough. They must be supported by strong regulatory frameworks, effective enforcement and close international cooperation.
The UAE has invested heavily in building such a framework. In recent years the country has strengthened its anti-money laundering and counter-terrorist financing architecture, enhanced coordination between national authorities and deepened cooperation with international partners. Similar reforms are taking place across many MENAFATF member states.
Even during the current period of regional tension, the UAE’s institutions continue to operate with resilience and confidence. Financial markets remain open and functioning. Regulatory authorities are monitoring emerging risks, and law enforcement agencies remain vigilant in identifying and disrupting illicit networks.
This stability reflects the strength of institutions built on transparency, accountability and the rule of law.
Yet no country can safeguard financial integrity alone. Financial crime does not respect borders, and neither can the response to it.
Through MENAFATF, countries across the Middle East and North Africa are working together to strengthen anti-money laundering frameworks, share intelligence and enhance their ability to detect and disrupt illicit financial flows. Partnerships with organisations such as the Egmont Group, Interpol and the UN Office on Drugs and Crime further ensure that regional efforts remain aligned with global standards.
At times of crisis, attention naturally focuses on the most visible dimensions of instability. Yet the quieter work of safeguarding financial systems plays an equally important role in protecting societies and economies.
When financial systems remain secure, transparent and governed by the rule of law, they strengthen the foundations of stability itself.
