The Financial Action Task Force (FATF), the international organization in charge of combatting money laundering and terrorism financing has announced the UAE’s completion of all 15 recommendations of its action plan, state news agency WAM has reported.
The announcement was made following task force’s plenary meetings in Paris earlier this week.
The UAE, as well as Barbados, Gibraltar and Uganda, reported ‘significant progress in addressing the strategic AML/CFT (anti-money laundering and combating the financing of terrorism) deficiencies previously identified during their mutual evaluations, FATF said.
“These jurisdictions had committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timeframes. These countries will no longer be subject to the FATF’s increased monitoring process,” it added.
“This success is the outcome of significant and distinguished efforts by relevant ministries, the federal government and local entities. These collective endeavors serve to expedite the national strategy and action plan, achieve the directives and aspirations of the UAE’s leadership… The country is committed to consolidate its unwavering approach and position within the world’s financial system, by fully enforcing and adhering to, all relevant international laws and conventions that serve to safeguard the integrity of the global financial system,” Sheikh Abdullah bin Zayed Al-Nahyan, Minister of Foreign Affairs, and Chairman of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, said in a statement.
“Preventing illegitimate financial flows, and supporting the efficiency of our national plan for combating money laundering and terrorism financing, are the foundations for strengthening the UAE’s position as a global hub for trade and investment,” Abdullah bin Touq Al-Marri, Minister of Economy, meanwhile said in a statement.
“The UAE has made considerable progress during the past few years, in combating global money laundering and terrorism financing through outlining robust and flexible frameworks. The UAE is committed to taking further significant advances in our future endeavors.”
