Joint Italy-UAE Workshop In Rome Strengthens Asset Recovery Through International Cooperation

The United Arab Emirates' National Committee for Combating Money Laundering, Terrorist Financing and Illegal Organisations (NAMLCFTC) and Italy's Guardia di Finanza recently concluded a workshop in Rome. High-level officials from both nations attended, agreeing on strategic priorities to enhance international cooperation and asset recovery. This initiative was held at the Guardia di Finanza's General Headquarters with support from NAMLCFTC's General Secretariat.

In his opening remarks, Hamid Al Zaabi, Secretary General and Vice Chairman of NAMLCFTC, highlighted the importance of asset recovery for both countries and the global FATF network. He noted that while the UAE and Italy have interconnected economies offering opportunities, they also face risks. Strengthened international cooperation is essential to combat illicit financial flows effectively.

Al Zaabi acknowledged Italy's leadership in asset recovery and expressed pride in the UAE's progress in this area. The workshop was a direct result of a Memorandum of Understanding signed last year with the Guardia di Finanza. It aims to set a new benchmark for bilateral cooperation, serving as a model for regional efforts.

General Bruno Buratti, Deputy Commander of the Guardia di Finanza, emphasized that asset recovery is crucial for economic and financial security. He noted that discussions align with the broader relationship between Italy and the UAE, following a protocol signed in Abu Dhabi in 2024. Buratti stressed that international cooperation is vital to combat economic crime effectively.

The workshop discussions reaffirmed financial intelligence as key to identifying illicit assets. There was a commitment to bolster international cooperation through global networks and platforms. Participants stressed harmonizing legal procedures to improve cross-border seizure effectiveness.

Additionally, emphasis was placed on managing confiscated assets transparently and returning them to communities. Joint training initiatives were also highlighted to address emerging risks like cybercrime and digital assets.

Strengthening Bilateral Partnerships

The authorities from both countries underscored that these strategic priorities are not only vital for their partnership but also beneficial for other jurisdictions aiming to enhance asset recovery frameworks. The shared goals provide a roadmap for building stronger systems globally.

The Guardia di Finanza's co-leadership with the U.S. Department of Justice in drafting new FATF Guidance on Asset Recovery was also highlighted. This collaboration underscores that international cooperation is essential to make crime unprofitable and return diverted resources to society.

This workshop marks another step forward in strengthening ties between Italy and the UAE, setting an example for others aiming to tackle financial crimes effectively through collaboration.

With inputs from WAM