ABU DHABI: Ahmed bin Ali Al Sayegh, Minister of State, has emphasised that the Financial Action Task Force’s (FATF) announcement regarding the UAE’s fulfillment of all 15 recommendations of its action plan reflects the great efforts made by the ministries and government departments concerned with accelerating the pace of the national action plan, and embodies the directives and aspirations of the UAE wise leadership to make the national economy one of the strongest and fastest growing in the world.
Speaking to the Emirates News Agency (WAM), Al Sayegh highlighted that FATF’s decision recognises the country’s efforts in promoting financial transparency and achieving international standards for combating financial crimes.
The minister added that the UAE prioritises the safety of the global financial system through its robust efforts to combat money laundering and terrorist financing. “This commitment is reflected in the government’s multi-tiered strategy, spearheaded by the Cabinet and the Higher Committee Ov
erseeing National Strategy on Anti-Money Laundering and Counter Terrorism Financing, chaired by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs.”
In emphasising the UAE’s dedication to innovation and economic growth, Al Sayegh reiterated the importance of adhering to international best practices in combating financial crimes. He reaffirmed the UAE’s pledge to collaborate internationally and enhance local capabilities in combating money laundering and terrorist financing, while also prioritizing awareness-raising initiatives among financial institutions and non-financial sectors.
The minister noted that the UAE maintains a strong national system to combat money laundering, demonstrating its effectiveness with the confiscation of over AED 5.4 billion ($1.4 billion) between December 2021 and June 2023. Those primarily targeted money laundering crimes.
Highlighting the importance of this announcement on the UAE’s economy, Al Sayegh remarked, “The UAE’s removal from the FATF’s grey list en
hances investors’ and international financial institutions’ confidence in the country’s economy and financial system, especially considering the UAE’s status as a financial, commercial, and economic hub. The vision for the next 50 years is to establish it as a global capital for investment and economic innovation, a comprehensive incubator for entrepreneurship, and an advanced laboratory for new economic opportunities and startups.”
Source: Emirates News Agency
