UAE's Commitment To Combat Financial Crimes Highlighted At Vienna Roundtable

Hamid AlZaabi, Director-General of the Executive Office for Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF), participated in a high-level anti-money laundering (AML) roundtable. This event took place on the sidelines of the thirty-third session of the United Nations Commission on Crime Prevention and Criminal Justice.

The roundtable was hosted by Ghada Fathi Waly, Director-General/Executive Director of the United Nations Office at Vienna (UNOV)/United Nations Office on Drugs and Crime (UNODC). It featured senior global figures in anti-financial crime, including T. Raja Kumar, President of the Financial Action Task Force (FATF), and Jurgen Stock, Secretary-General of Interpol.

The roundtable focused on enhancing international cooperation in combating financial crimes. This cooperation contributes to the strategic objectives of the United Nations Office, aiming to achieve peace and security while promoting human rights and development. The goal is to make the world safer from drugs, crime, corruption, and terrorism.

Al Zaabi highlighted the UAE's strong commitment to fighting financial crimes and prioritising effective international cooperation. "The work carried out by our country in recent years has undoubtedly led to improvements in technical compliance, but the greatest achievement lies in the impact of these improvements on effectiveness," he stated.

Al Zaabi noted that financial crime typologies are evolving, with the misuse of new technology becoming more common. This includes cybercrimes, electronic fraud, and risks associated with virtual assets. He mentioned that significant progress has been made in developing a regulatory framework to monitor and combat these activities while mitigating their risks.

"Instead of considering this as a momentum, we must recognise that our progress is just a step along a continuous journey that requires concerted efforts and active engagement with our international counterparts in combating financial crime globally," Al Zaabi added.

Role of International Bodies

The Director-General acknowledged the critical role played by the Commission on Crime Prevention and Criminal Justice and the UNODC in improving international action against national and transnational crime. He emphasised that the efficiency and fairness of criminal justice administration systems are crucial.

Al Zaabi assured that the Memorandum of Understanding (MoU) signed between the EO AML/CTF and the UNODC in October 2022 underscores robust coordination between both parties in combating money laundering crimes.

With inputs from WAM