The UAE has redoubled its commitment to international efforts to combat money laundering and the financing of terrorism.
Amna Fikri, director of the economic and trade affairs department at the Ministry of Foreign Affairs and International Co-operation, told European officials this week that the "fight against financial crime has been elevated to the highest level of strategic priority" for the government.
"Organised crime and systemic corruption – two global, not local, phenomena – drive financial crime in the world. Recognising their signs can be challenging," she said. "Calling them out and stating their role in the financial crime chain is critical for us. By working together at an international level, we are better placed to identify and make meaningful efforts locally."
She said the UAE has been working to improve its monitoring of banks, exchange houses and informal networks that make remittances possible. It is also ensuring that authorities have the ability to analyse and disclose company ownership information, including to counterparts abroad.
"We also view making certain information available to the public as an important step in reducing the dangers of financial crime," said Ms Fikri.
Customs officials and law enforcement authorities are carrying out both random and targeted inspections within the gold and precious metals trade.
There is also a particular focus to ensure that criminals do not exploit the UAE's large volumes of trading activity for money laundering and sanctions evasion purposes, she said.
"Mutual co-operation is essential and remains key to our future collective success. The challenge and scale of the problem ahead demands it."
Last year, a dedicated office within the Ministry of Foreign Affairs and International Co-operation to confront money laundering was approved. The Ministry of Economy set up an anti-money laundering department to oversee compliance with local laws. In addition, a dedicated court to tackle money laundering and tax evasion was established in Abu Dhabi. Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, oversees the national strategy for anti-money laundering and countering terrorism financing.
On Monday and Tuesday, Ms Fikri and other UAE officials from the Ministry of Foreign Affairs and International Co-operation, Ministry of Interior, the Ministry of Justice, the Central Bank, and the Federal Customs Authority, participated in an online anti-money laundering and financial crime workshop with judicial and law enforcement authorities from the European Commission and EU countries. This was their third meeting after workshops took place in September and December 2019.
