February 26, 2024
3 mins read

‘FATF Decision a Testament to UAE’s Progress’

This collaboration aims to safeguard the integrity of the UAE’s financial ecosystem through enhanced policies, procedures, and controls to effectively manage the risks of money laundering and terrorist financing, the ADGM added…reports Asian Lite News

Ahmed Jasim Al Zaabi, Chairman, Abu Dhabi Department of Economic Development (ADDED), said that the announcement of the Financial Action Task Force (FATF) on the UAE’s completion of all 15 recommendations of its action plan reaffirms the effectiveness of the UAE’s Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) framework.

He stressed that the FATF announcement acknowledges the efforts exerted by various UAE authorities, led by the Executive Office of Anti-Money Laundering and Counter Terrorism Financing, to meet the Action Plan requirements. “We remain committed to collaborating with our partners and stakeholders to fulfil our long-term sustainable AML/CFT strategy.”

As a leading International Financial Centre, Abu Dhabi recognises the importance of cooperating with strategic partners to contribute effectively to the global initiative in combatting all forms of financial crimes to pave the way to a thriving and sustainable socio-economic development, Al Zaabi explained.

“Our conducive environment, abundant investment prospects, and robust policies are attracting Foreign Direct Investments (FDIs) and significant players in various sectors to establish businesses and expand out of Abu Dhabi. Driven by key national financial and investment policies, we are ensuring fiscal sustainability and consolidation to achieve sustainable economic development and enhance global competitiveness,” the Chairman of ADDED concluded.

Meanwhile, Abu Dhabi Global Market (ADGM) affirmed that FATF’s decision to remove the UAE from the list of countries under enhanced due diligence due to concerns regarding anti-money laundering/countering the financing of terrorism, stands as a testament to the remarkable progress the country has made over the past two years in addressing its anti-money laundering (AML) and counter-terrorist financing (CTF) measures.

In its statement, ADGM stressed its committment to continuing its collaboration with the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing, the CBUAE and other key stakeholders of the UAE in fortifying its AML/CTF framework and aligning with the UAE’s national risk assessment initiatives.

This collaboration aims to safeguard the integrity of the UAE’s financial ecosystem through enhanced policies, procedures, and controls to effectively manage the risks of money laundering and terrorist financing, the ADGM added.

‘Key role in combating financial crimes’

 Hamid Al Zaabi, Director-General of the Executive Office for Anti-Money Laundering and Counter Terrorism Financing (AML/CFT), said that the UAE plays a leading global role in combating financial crimes, noting that the UAE will begin the next Mutual Evaluation Report (MER) of the Financial Action Task Force (FATF) in 2026.

In statements to the Emirates News Agency (WAM), Al Zaabi said that the FATF’s announcement today on the UAE’s completion of all 15 recommendations of its Action Plan is a culmination of the tireless efforts of various federal, local, and private sector entities in the country in accordance with the national strategy and action plan.

He said that the UAE has established a sophisticated monitoring and reporting system using digital tools and involving more than 90 national entities. “The Federal Competitiveness and Statistics Centre, which is part of the Executive Office, retains this data, which is used to ensure that entities continue to comply with national objectives and international standards.”

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