FATF Acknowledges UAE's Success In Combatting Financial Crimes, Says Al Sayegh

Ahmed bin Ali Al Sayegh, Minister of State, recently shared insights with the Emirates News Agency (WAM) on the United Arab Emirates' (UAE) significant achievement in the realm of financial integrity. The Financial Action Task Force (FATF) has acknowledged the UAE's compliance with all 15 recommendations of its action plan, a move that underscores the nation's dedication to combating money laundering and terrorist financing. This recognition is a direct result of the UAE's proactive and sustainable efforts towards enhancing financial transparency and adhering to international standards in the fight against financial crimes.

Al Sayegh pointed out that this accomplishment reflects the UAE's ongoing commitment to financial integrity and global stability. The country has been actively fighting money laundering and terrorist financing across all government levels. This includes efforts from the Cabinet and the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, led by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs.

In addition to its regulatory measures, the UAE places a strong emphasis on innovation and economic growth, aligning with international best practices in combating financial crimes. Al Sayegh reaffirmed the nation's pledge to work collaboratively on an international scale and to boost local capabilities in this critical area. He also highlighted the importance of raising awareness among financial institutions and non-financial sectors.

The Minister also shed light on how this development positively impacts the UAE's economy. With the FATF removing the UAE from its grey list, there is a notable increase in confidence among investors and international financial institutions in the country's economy and financial system. This is particularly significant given the UAE's status as a key financial, commercial, and economic hub.

Al Sayegh emphasized that looking forward, the vision for the next 50 years is to position the UAE as a global capital for investment and economic innovation. The aim is to create a comprehensive incubator for entrepreneurship and an advanced laboratory for exploring new economic opportunities and startups.

Significant Achievements

Highlighting some of the tangible outcomes of these efforts, Al Sayegh mentioned significant statistics related to seizures and convictions. From December 2021 to June 2023, over AED5.4 billion (US$1.4 billion) was successfully confiscated, primarily from cases related to money laundering crimes. This demonstrates the effectiveness of the UAE's national system in combating such financial crimes.

The FATF's recognition of the UAE's achievements in fulfilling its action plan is not just a testament to the country's commitment to combating money laundering and terrorist financing but also plays a crucial role in enhancing global financial stability. The UAE continues to set an example for other nations in promoting financial transparency and integrity.

With inputs from WAM