UAE And Uzbekistan Convene High-Level Meetings To Combat Economic Crimes Effectively

The UAE's National Anti-Money Laundering and Combatting the Financing of Terrorism and Proliferation Financing Committee, led by Hamid AlZaabi, recently engaged in significant discussions with Uzbekistan's Department for Combating Economic Crimes. These meetings aimed to enhance cooperation on anti-money laundering (AML) and counter-terrorism financing (CFT) efforts.

During the workshop, Jakhongir Khatamov, head of Uzbekistan's department on economic crimes, welcomed the UAE delegation. He highlighted the UAE's extensive reforms to improve its national AML/CFT system. Khatamov expressed interest in expanding practical cooperation between the two nations to combat money laundering and terrorism financing effectively.

AlZaabi emphasised that these meetings reflect the UAE's commitment to building strategic partnerships and enhancing cross-border cooperation. He stated, "The UAE and Republic of Uzbekistan are bound by our common aspirations for stronger trade and investment. As our economic ties deepen, so too must our responsibility to safeguard our financial systems."

The workshop featured joint presentations on national strategies for combating money laundering and terrorism financing. It also included discussions on national risk assessments and coordination mechanisms. A site visit to the Law Enforcement Academy was part of the programme.

Khatamov noted that both countries have vast resources ready for joint strategic analyses to identify trends in financial crimes. He added that this collaboration aims to ensure economic security and stability within their financial systems.

AlZaabi highlighted potential areas for strengthening cooperation through memoranda of understanding, technical exchanges, or direct practitioner dialogue. These connections are crucial for building resilience against evolving risks like trade-based money laundering.

Regional Contributions

The UAE and Uzbekistan actively participate in the Eurasian Group on Combating Money Laundering and Terrorist Financing (EAG). While Uzbekistan is a founding member, the UAE joined as an observer in 2024, becoming the first Arab country to do so. Their collaboration enhances regional responses to illicit finance.

This visit is expected to significantly contribute to exchanging experiences and fostering friendly ties between agencies from both countries. The shared efforts aim at strengthening their fight against money laundering and terrorism financing.

With inputs from WAM