EU And UAE Strengthen Cooperation Against Money Laundering At 7th Structural Dialogue In Abu Dhabi

The seventh EU-UAE Structural Dialogue on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) took place in Abu Dhabi. This significant meeting highlighted the ongoing collaboration between the United Arab Emirates and the European Union to combat financial crimes and enhance international cooperation.

During this dialogue, Saeed Al Hajeri, Assistant Minister for Economic and Trade Affairs, chaired the meeting. He emphasised that the UAE is "one of the world's fastest-growing economies" and a "dynamic hub for innovation, trade, and investment." He stressed that the UAE's economic strength relies on a robust financial system supported by leadership and strict measures against money laundering and terrorism financing.

The UAE reaffirmed its dedication to working with international partners, including the EU and its Member States. The dialogue provided an opportunity for both sides to discuss global trends and challenges in combating money laundering and terrorism financing. The UAE shared its recent efforts and strategic initiatives aimed at strengthening collaboration with the EU.

The European Union’s delegation was led by Lucie Berger, Head of the EU Delegation to the United Arab Emirates. It included representatives from various EU agencies such as DG FISMA, DG HOME, DG JUST, and EEAS. These agencies play crucial roles in financial stability, migration, justice, and external actions within the EU framework.

The UAE presented an in-depth briefing on its National Strategy during the dialogue. This strategy outlines a comprehensive framework for countering financial crime, preventing misuse of financial systems, and mitigating AML/CFT risks. The UAE highlighted its commitment to transparency, security, and enhancing global competitiveness through these efforts.

Both parties explored potential avenues for continued cooperation to strengthen their mutual efforts in safeguarding financial systems from illicit activities. They aim to protect their integrity while upholding international standards. This dialogue marks a step forward in reinforcing their partnership against money laundering and terrorism financing.

Strengthening Global Competitiveness

Saeed Al Hajeri reiterated that these efforts are crucial for ensuring security, fostering transparency, and boosting the UAE’s global competitiveness. The dialogue underscored both sides' determination to combat money laundering through effective collaborative measures.

The meeting saw participation from several UAE authorities including the Ministry of Economy, Ministry of Interior, National AML/CFT Committee Secretariat-General, Financial Intelligence Unit, Ministry of Justice, Central Bank of the UAE, ICP, Dubai Police, Economic Security Centre of Dubai, and EOCN.

This high-level meeting signifies a robust partnership between the UAE and EU in tackling financial crimes. It highlights their shared commitment to combating money laundering through effective collaboration while enhancing international cooperation.

With inputs from WAM