UAE join forces with China to combat money laundering & terrorist financing

By Amirtha P S, Desk Reporter
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The UAE’s Financial Intelligence Unit (FIU) has entered into an agreement with the China Anti-Money Laundering Monitoring and Analysis Centre (CAMLMAC) to exchange relevant intelligence to crack down on money laundering and combat the financing of terrorism.

The Memorandum of Understanding (MoU) was signed following the objectives of the UAE and the People’s Republic of China to have their respective authorities cooperate on the assembly, development, and analysis of intelligence on financial transactions suspected of being related to money laundering and terrorist financing.

As part of the agreement, the UAE FIU and the CAMLMAC will exchange key information about financial transactions related to money laundering, terrorist financing, and the persons or entities involved, following domestic and international laws and regulations.

Ali Faisal Ba’alawi
Ali Faisal Ba’alawi
Head – UAE FIU

“The signing of this MoU is a testament to the strength of the relationship between the UAE FIU and the CAMLMAC as we look to cooperate on the exchange of intelligence in the area of anti-money laundering and combatting the financing of terrorism. We will continue our ongoing joint efforts to confront all suspicious activities both regionally and internationally and we will seek to reduce the threats these activities pose to the stability and integrity of the global financial system.”

The UAE government has enacted strict laws to combat money laundering and fight financial crimes. Last year, the Ministry of Economy set up an anti-money laundering department, while a court was also established in Abu Dhabi to tackle money laundering and tax evasion.

Mr. Gou Wenjun, Director-General of the CAMLMAC, “In recent years, the comprehensive strategic partnership between China and the UAE has grown deeper. The UAE has become China’s largest export market and second-largest trade partner in the Arab World. The bilateral cooperation between both countries has made great progress. The MoU marks the establishment of cooperation mechanisms in anti-money laundering and countering terrorist financing. This MoU not only serves the mutual interests of both China and the UAE but also demonstrates our responsibility to combat global financial crimes and terrorist activities with concrete actions.”

According to Grand View Research, US-based market research and consulting firm, the global anti-money laundering market is expected to grow at an annual rate of 15.6 percent between 2021 and 2028. It was valued at $1.03 billion last year.

Related: UAE & Saudi Arabia to strengthen ties for improving anti-money laundering efforts