UAE successfully completes FATF recommendations

February 23, 2024 / 11:51 PM
Sharjah 24 – WAM: The Financial Action Task Force (FATF), the international organisation in charge of combatting money laundering and terrorism financing has announced the UAE’s completion of all 15 recommendations of its action plan, and has congratulated the UAE on this achievement.
The announcement was made following FATF’s plenary meetings, held between 19th to 23rd February, in the capital of France, Paris.

On this occasion, 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, stated, “This success is the outcome of significant and distinguished efforts by relevant ministries, the federal government and local entities. These collective endeavours serve to expedite the national strategy and action plan, achieve the directives and aspirations of the UAE’s leadership, aiming to further strengthen the country’s leading status and competitiveness, and advance its position globally as an economic, trading and investment hub.”

Sheikh Abdullah added, “The UAE’s economy is one of the fastest growing economies across the world. 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.”

He underlined, “The UAE will continue to build on its immense success through comprehensive and integrated collaborations with international partners, as well as the relevant organisations and entities to enhance the its position within the global financial system. This will include continuing to reinforce a legal and regulatory framework, and activating collective efforts on a global scale to combat financial crimes. In this regard, the country’s endeavours demonstrate a constant approach to address global money laundering and terrorism financing, as well as illegitimate organisations, and to amplify the UAE’s crucial and effective role in defending the safety and stability of the world’s financial system.”

Sheikh Abdullah bin Zayed expressed his sincere gratitude and appreciation to the teams working within the ministries, federal government and local entities, the private sector, and all the relevant bodies, along with all those who contributed to the national strategy and action plan. He underscored that this file is a strategic priority for the UAE, and commended national entities that collaborated to accomplish this milestone, which reflects the nation's distinct standing on both regional and international fronts.

February 23, 2024 / 11:51 PM

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