Senior ministers have underlined the UAE's commitment to bolstering anti-money laundering safeguards and leading the fight against financial crime.
Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation and Chairman of the Higher Committee Overseeing the National Strategy to Combat Money Laundering and Terrorist Financing, and Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, were joined by senior officials in setting out the UAE's tough stance on money laundering and the financing of terrorism.
In a statement on Friday, following the conclusion of its meetings in Paris, The Financial Action Task Force confirmed there would be “increased monitoring” of the UAE’s implementation of its action plan to counter money laundering and terrorism financing. The increased monitoring regime is referred to as the FATF “grey list”.
The global money laundering and terrorist financing watchdog said the UAE had made “significant progress” to strengthen its anti-money laundering controls, including its increased and faster action against financial criminals.
UAE will accelerate action plan
Sheikh Abdullah reiterated the country's commitment to addressing the global concern of financial crime.
"The UAE is keen to accelerate the pace of the National Action Plan to combat money laundering and terrorist financing, as this file constitutes a strategic priority for the country," he said.
"In my capacity as Chairman of the Higher Committee Overseeing the National Strategy to Combat Money Laundering and Terrorist Financing, I would like to underscore the UAE's commitment at the highest level by strengthening our national AML/CFT framework, including by working closely with FATF, our international partners, and the private sector on a sustainable and ongoing basis.
"Financial crime is a concern for all major economies, and we in the UAE are approaching this matter with the utmost seriousness. By continuing with our disciplined approach, we will make a genuine difference in our ability to prevent illicit financial flows and achieve our goal of making the UAE one of the strongest and most respected economies in the modern world," Sheikh Abdullah said
Sheikh Saif hails 'tremendous' efforts of authorities
Sheikh Saif said the country's security and economic prosperity remained its highest priority.
"The ongoing efforts to enhance the UAE's anti-money laundering system are a testament to our strong commitment to combating this global problem as a strategic priority," Sheikh Saif said in a statement carried by state news agency Wam.
"I commend the tremendous efforts of the UAE's Ministry of Finance, Ministry of Justice, Public Prosecution, Ministry of Economy, UAE Central Bank, UAE Security and Police Forces, Federal Customs Authority, Financial Intelligence Unit and all the UAE entities that are working closely and diligently together to fight financial crime.
"Our efforts to protect our security and economic prosperity will always come first. This means that the ministry and UAE law enforcement will continue to investigate and apprehend complex criminal networks and their assets in close co-ordination with our domestic and international partners."
On Friday, FATF said the UAE had “made a high-level political commitment” to work with the organisation “to strengthen the effectiveness” of its anti-money laundering and counter-terrorism financing efforts.
Fellow Cabinet members backed the country's wide-ranging strategy on financial crime.
"The UAE remains firmly committed to further strengthening efforts to uphold the stability and integrity of the financial system. We will closely examine the detailed recommendations received from our international partners and FATF and ensure these are swiftly addressed and implemented in the coming period and over the long term," said Mohamed Al Hussaini, Minister of State for Financial Affairs.
Working as one to take on criminal networks
Abdullah bin Touq, Minister of Economy, also delivered a strong message of support.
"The interconnectedness of international organised criminal networks, often accelerated by technological advancement, is concerning for countries around the world. In the UAE, we are fighting back through the power of intelligence, advanced analytics, technology, investigations, and public-private partnerships.
"Our main objective has been to equip the public and private sectors in the UAE with the tools needed to strengthen our collective defences. This includes building the institutional capabilities set out in the UAE's National Risk Assessment, National Action Plan, and National Strategy for AML/CTF.
"We have also worked closely with the Ministry of Foreign Affairs and International Co-operation to facilitate co-ordination with the international community on financial crime concerns, a cornerstone of embedding a sophisticated financial crime framework across the UAE economy and beyond."
Abdullah Al Nuaimi, Minister of Justice, said bringing financial criminals to justice was a "top priority" for the UAE.
"The Ministry of Justice has committed to harnessing all the resources available, including the federal and local courts, to combat money laundering. We are committed to preventing financial crimes and punishing the perpetrators as a top priority, and strengthening all efforts to prevent financial crimes and fraud.
"We have made breakthrough reforms in a short period to bring criminals to justice and continue to work efficiently and effectively to ensure the processing of the FATF's outcomes."
Khaled Mohamed Balama, Governor of the UAE Central Bank and Chairman of the National Committee for Combating Money Laundering and Financing of Terrorism and Illegal Organisations, said that the Central Bank's regulations and policies for all licensed financial institutions in the UAE seek to address the worldwide challenge of money laundering and terrorist financing as a priority.
"As a significant regional and international financial centre, we will continue to work tirelessly with our global partners in this regard. Together, we are committed to ensuring that our regulated financial industry has effective AML/CFT controls to safeguard our financial system," he said.
