UAE Meets FATF Recommendations, Advances Global Financial Integrity

UAE, 26 February, 2024 : The UAE has successfully fulfilled all 15 recommendations outlined by the Financial Action Task Force (FATF) following its plenary meetings held from February 19 to 23 in Paris, France. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, credited the collective efforts of relevant ministries and entities for this accomplishment, emphasizing the UAE's commitment to combat money laundering while strengthening its global financial status.

Various ministers, including Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, and Abdullah bin Touq Al Marri, Minister of Economy, highlighted the UAE's determination to enhance multilateral cooperation and enact legislative reforms to strengthen its position as a global hub for trade and investment. They stressed the UAE's adherence to international standards and continuous efforts to combat financial crimes.

Abdullah bin Sultan bin Awad Al Nuaimi, Minister of Justice, underscored the importance of legislative reforms and international cooperation in effectively confronting global money laundering. He praised the UAE's efforts in signing cooperation agreements with international partners to combat financial crimes comprehensively.

Ahmed Ali Al Sayegh, Minister of State, reaffirmed the UAE's commitment to implementing effective policies to combat financial crimes and uphold integrity and transparency in finance and trade regulation. Khalid Mohammed Salem Balama Al Tamimi, Governor of the Central Bank of the UAE, highlighted the UAE's proactive role in fighting financial crimes through a risk-based regulatory approach and collaboration with international institutions.

The UAE's successful completion of the FATF recommendations reflects its dedication to safeguarding its financial system and enhancing its international standing through robust regulatory frameworks and proactive measures against money laundering.

Source : www.gulfnews.com