UAE & UK sign agreement to combat illegal financial flows

By Shilpa Annie Joseph, Official Reporter
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The UK and the UAE have signed an agreement to counter terrorism financing and the flow of illegal funds that fuel organized crime.

According to the statement, both countries will intensify their efforts to target people supporting terrorism and serious as well as organized crime gangs as part of the new groundbreaking alliance.

The new agreement, which was inked by UK Home Secretary Ms. Priti Patel and UAE Minister of State Mr. Ahmed Ali Al Sayegh, intends to ensure that both countries could collaborate closely to address the common global issues.

Further, the collaboration is a concrete articulation of the UK and UAE’s shared goal of increasing cooperation on combating illegal financial movements. It provides a strong foundation for establishing strong and long-term strategic cooperation by promoting the UK’s Integrated Review and the UAE’s National Anti-Money Laundering and Counter Terrorist Financing Strategy.

Ms. Patel remarked, “I will always take the strongest possible action to the keep the British people safe, and this new agreement bolsters both our countries’ efforts in going after the terrorists and serious and organized crime gangs that seek to do us harm. The partnership will help to keep the public safe, protect our prosperity, and bring dangerous criminals to justice.”

Ahmed Al Sayegh
Ahmed Al Sayegh
Minister of State

“The UAE stands with the UK in the global fight against illicit finance. We are committed to stamping out terrorist financing and serious and organized crime in all of its forms to protect the UAE and uphold the integrity of the international financial system. The partnership marks a key milestone in the close cooperation between the UAE and UK. Through the robust, collaborative structure of the partnership, the UAE is determined to advance our shared priorities and reinforce our efforts to keep our two nations safe, prosperous, and secure.”

The alliance will assist law enforcement authorities in both countries by enhancing intelligence sharing and cooperation against major and organized criminal networks. The UK and UAE will increase their international understanding of terrorism financing by exchanging information and expertise to help identify and disrupt terrorist money flows.

Finally, the cooperation will strengthen anti-money laundering professional standards, with a special focus on high-risk industries like precious metals and stone dealers, real estate, and emerging technologies like cryptocurrencies.

Related: CBUAE issues new guidance to combat money laundering & terrorist financing