By PAUL O’DONOGHUE, Senior Correspondent
THE United Arab Emirates (UAE) will hold high-level discussions with European Union member states as part of a global effort to combat money laundering and financial crime.
Hamid Al Zaabi, secretary general of the UAE’s National Anti-Money Laundering and Countering the Financing of Terrorism Committee, said the country had already engaged with the US and France on a strategy to fight financial crimes, including drug-related and fraud cases.
“Through comprehensive preventive measures, the UAE continues to foster a stable and secure economic environment for all,” Al Zaabi said, according to state news agency WAM.
Strengthening collaboration
WAM said that Al Zaabi added: “Further meetings with the European Union and other nations are planned to bolster these collaborative efforts.” However, WAM did not specify which EU countries the UAE plans to meet.
Al Zaabi also emphasized the role of financial institutions and the private sector in tackling financial crime. More than 8,000 companies have submitted questionnaires to the UAE’s anti-money laundering body as part of a major risk assessment.
As vice chair of the Middle East and North Africa Financial Action Task Force this year, the UAE is leading regional training workshops, providing technical support, and sharing expertise. Al Zaabi said these efforts will help neighbouring countries prepare for task force evaluations.
UAE financial crime strategy
In September, the UAE introduced a nationwide plan to fight money laundering and terrorism financing. The 2024-2027 strategy includes 11 main objectives, 50 sub-goals, and over 250 initiatives. Developed using World Bank methodology, it aligns with international standards.
“The strategy goes beyond legal aspects, encompassing economic, security, and media dimensions, as well as capacity-building efforts,” Al Zaabi said.
Recent actions
The UAE Federal Supreme Court recently approved the extradition of Mehdi Charafa, a French citizen, to France on drug trafficking and money laundering charges. French authorities requested his extradition, and he had exhausted all legal appeals.
The UAE has also tightened its anti-money laundering laws. In August, the government amended regulations to improve enforcement and ensure compliance with international treaties. These reforms led to the creation of the National Committee for Anti-Money Laundering and Countering the Financing of Terrorism.
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