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UAE successfully completes FATF recommendations

TBP Desk
26 Feb 2024 16:19:03 | Update: 26 Feb 2024 16:19:19
UAE successfully completes FATF recommendations

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 in the capital of France, Paris recently, said the Embassy of the United Arab Emirates (UAE) in Dhaka on Sunday, read a press release.

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, said this success is the outcome of the 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=," Al Nahyan added.

Mohamed bin Hadi Al Hussaini, minister of state for Financial Affairs, underlined the UAE is resolute to intensify its participation and contributions within multilateral organizations, as well as strengthen bilateral relations, in order to enhance national and international cooperation at the policy and executive levels.

Minister of Economy Abdullah bin Touq Al Marri highlighted, “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.”

Minister of Justice Abdullah bin Sultan Al Nuaimi affirmed, “The progress achieved by the UAE in the file of combating money laundering is due to the guidance and support of the wise leadership and the continuous efforts undertaken by all national teams from the relevant and judicial authorities including the federal and local courts and prosecution offices.”

Ahmed bin Ali Al Sayegh, minister of state, Ministry of Foreign Affairs (MoFA) expressed, “This announcement reflects the efficient and sustainable measures adopted by the UAE in combating money laundering and terrorism financing.”

The decision marks a notable victory for the UAE, potentially enhancing its global reputation and credibility, said the UAE Embassy.