UAE And US Discuss Strengthening Cooperation Against Financial Crimes And Enhancing Security

A delegation from the UAE, led by the General Secretariat of the National Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illicit Organisations (GS-NAMLCFTC), recently completed a four-day mission in the USA. The visit aimed to enhance cooperation with strategic partners in Washington DC to combat financial crime and safeguard international financial security.

The delegation comprised representatives from various UAE government bodies, including the Ministry of Foreign Affairs, Ministry of Interior, Ministry of Justice, and the Executive Office for Control and Non-Proliferation. They engaged with senior officials from US agencies such as the Departments of Treasury, Justice, and State, along with the IRS-CI, FinCEN, and FBI.

Hamid Saif AlZaabi, Secretary-General of GS-NAMLCFTC, highlighted the significance of the UAE-US partnership in bolstering international financial security. He stated that both nations share values in combating financial crimes and enhancing economic security. Discussions during this visit focused on technical cooperation and regulatory frameworks to tackle complex illicit financial flows.

"The UAE and the United States enjoy a strong strategic partnership based on shared values in combating financial crimes and enhancing economic security. This week, our discussions focused on strengthening technical cooperation, developing international partnerships, and reinforcing regulatory frameworks to address increasingly complex illicit financial flows," AlZaabi noted.

The agenda included reviewing bilateral operational initiatives to address priority issues like cross-border asset recovery efforts and virtual asset risks. Public-private partnerships were also discussed to ensure effective global financial challenge responses. The delegation recognised the private sector's role through a roundtable discussion organised by the US-UAE Business Council.

This roundtable featured presentations to US private sector stakeholders about the UAE's National Strategy against financial crime. It also covered strategic projects aimed at creating a secure business environment that fosters trust among trade partners while supporting shared economic growth.

Joint Task Force Meeting

The delegation participated in a Joint Task Force meeting on Money Laundering and Terrorist Financing. Organised by the Ministry of Foreign Affairs with the US Treasury Department's cooperation, this meeting reviewed developments across all task force tracks.

Since 2009, the UAE has been a significant market for US exports in MENA. In 2023 alone, bilateral trade reached $31.4 billion. As a key partner in global financial security protection, the UAE remains committed to working with international partners to strengthen global systems following best practices.

The discussions also emphasised enhancing economic links between both nations while safeguarding individuals and organisations through effective measures against illicit activities.

With inputs from WAM