The United Arab Emirates (UAE) is set to engage in high-level discussions with the European Union to support a global initiative aimed at addressing money laundering and other financial crimes. This meeting signifies the UAE’s commitment to enhancing international cooperation in combating financial offenses.

Hamid Al Zaabi, the secretary general and vice chairman of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organizations Committee, noted that the UAE has already held talks with the United States and France to develop a comprehensive global strategy focused on financial crime, including issues related to drug trafficking and fraud.

Al Zaabi emphasized the importance of international collaboration and reaffirmed the UAE’s dedication to contributing to global financial and economic stability. He stated that further meetings with the EU and other nations are planned to bolster this partnership, as reported by the state news agency Wam.

“Through comprehensive preventive measures, the UAE continues to foster a stable and secure economic environment for all,” Mr. Al Zaabi remarked. according to The National.

The private sector and financial institutions are essential allies in the UAE’s efforts to tackle financial crime. As part of a significant risk-assessment strategy, over 8,000 questionnaires have been submitted to the UAE’s national anti-money laundering authority by various companies.

In his capacity as vice chair of the Middle East and North Africa Financial Action Task Force for this year, Al Zaabi highlighted the UAE’s role in hosting training sessions, providing technical assistance, and sharing expertise with regional countries. He mentioned that the UAE’s collaborative efforts would enhance the readiness of neighboring nations during evaluations conducted by the task force.

In September, the UAE introduced a nationwide action plan aimed at combating terrorism financing and money laundering. Al Zaabi pointed out that this ongoing initiative strengthens the country’s capacity to adapt to future financial challenges.

The National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing for 2024-2027 comprises 11 primary objectives, 50 sub-goals, and more than 250 initiatives aimed at achieving its targets by the year 2027. This project was developed by the General Secretariat of the National Committee, utilizing World Bank Group methodology to ensure compliance with international standards.

“The strategy goes beyond legal aspects, encompassing economic, security, and media dimensions, as well as capacity-building efforts,” Al Zaabi added.

Recently, the Federal Supreme Court approved the extradition of French citizen Mehdi Charafa to France on charges of drug trafficking and money laundering, following a request from French authorities after all legal procedures had been exhausted.

The UAE has made notable progress in its fight against financial crime. In August, the government revised its laws regarding anti-money laundering and the financing of terrorism and illegal organizations, with the aim of reinforcing its efforts against these crimes while ensuring compliance with international treaties and recommendations.

As a result of these initiatives, the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations was established, marking a significant step in the UAE’s ongoing commitment to address financial crimes effectively.