UAE & Morocco strengthen bilateral cooperation in AML/CTF

By Arya M Nair, Official Reporter
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UAE_Morocco AML partnership
Rep.Image | Courtesy: WAM

UAE Executive Office of Anti-Money Laundering and Counter-Terrorism Financing (EO AML/CTF) has discussed cooperation with Moroccan National Financial Intelligence Authority.

The meeting occurred when Hamid AlZaabi, Director General of EO AML/CTF, hosted a Moroccan national delegation led by Dr. Jawhar Al Nafisi, Chairman of the Moroccan National Financial Intelligence Authority, to discuss ongoing bilateral coordination and expertise exchange initiatives.

Hamid AlZaabi highlighted the robust cooperation between the UAE and Morocco and its significant impact on raising standards of compliance within the MENA region.

Hamid Al Zaabi_UAE_Morocco AML/CTF partnership
Hamid Al Zaabi

“Our two countries are united in commitment to combating financial crime and collaborate effectively on multiple levels, both bilaterally and through the Middle East and North Africa Financial Action Task Force (MENAFATF). I am pleased that through our regular meetings, we have developed a comprehensive framework for cooperation and have launched several joint initiatives that are already making a difference. By sharing expertise and best practices, the expertise developed by each country can be leveraged to mutual benefit, to ensure safeguarding our financial regional system.”

Dr. Al Nafisi, commented that, “This visit underscores the strong strategic ties between Morocco and the UAE, as both nations aim to align strategies and visions on bilateral, regional and international levels, and share expertise to prepare for the upcoming mutual evaluation round. To ensure the sustainability of the efforts made to combat money laundering and terrorism financing, I am pleased to invite Director General, Hamid Al Zaabi to the Kingdom of Morocco for progress discussions and to measure the effectiveness of joint committees established during the meetings held over the past two days.”

During the two-day meeting, the parties discussed ongoing bilateral cooperation activities. To further enhance the coordination efforts, both parties have decided to establish several joint committees, including ones to monitor standards and developments, technical committees, and a supervisory committee to track progress and ensure goal attainment.

Members of the EO AML/CTF presented on topics such as the National Strategy and virtual assets, and the UAE’s experience using AI to combat money laundering and terrorism financing. A joint discussion resulted in the agreement on specific areas of cooperation to be included in follow-up steps to implement the terms of the Memorandum of Understanding between the EO AML/CTF and the Moroccan National Financial Intelligence Authority.

The second day of the visit agenda featured a presentation by the UAE Executive Office for Control and Non-Proliferation (EOCN) discussing collaboration potentials. It concluded with a final presentation by the Dubai International Financial Centre (DIFC) which discussed the UAE experience analyzing cases related to virtual assets.

The visiting delegation comprised several senior executives from the Moroccan Financial Intelligence Unit, including Mohamed Rahwi, Director of the International Cooperation and National Coordination Division, Najwa Ben Medni, Director of the Financial Investigations and Information Division, and Jamal Eddine Fouham, Head of the Basic Data, Information Security, and Networks Division.

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