Financial Action Task Force recognizes UAE’s AML/CFT & CPF efforts

By Salma C, Intern Reporter
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Dubai, United Arab Emirates
Representational Image | Image Courtesy: Nextvoyage from Pexels

The intergovernmental organization on money laundering, Financial Action Task Force (FATF) has acknowledged UAE’s positive progress in its anti-money laundering (AML), counter-terrorism financing (CFT), and counter-proliferation financing (CPF) efforts.

The FATF revealed that it will continue to monitor the UAE’s efforts, with the aim of ensuring the success and sustainability of the UAE’s efforts to strengthen the anti-economic crime framework.

The UAE has indicated its strong commitment to work with the FATF to address the remaining areas of improvement through the implementation of an action plan. The action plan is based on significant efforts that have been established and are already underway, indicating that the UAE has “significantly strengthened” its anti-economic crime framework.

Commenting on the country’s ongoing efforts to fight financial crime, the UAE’s Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism stated that, “The UAE takes its role in protecting the integrity of the global financial system extremely seriously and will work closely with the FATF to quickly remedy the areas of improvement identified. On this basis, the UAE will continue its ongoing efforts to identify disrupt and punish criminals and illicit financial networks in line with FATF’s findings and the UAE’s National Action Plan, as well as through close coordination with our international partners.”

The UAE’s commitment to counter money laundering and terrorism funding remains an important pillar of the country’s status as an attractive global business hub operating in line with international standards. Moreover, strong measures and actions are being taken by the UAE Government and the private sector to secure the stability and integrity of the country’s economy.

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