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UAE, UK organise workshop on anti-money laundering, combating terrorist financing

The workshop comes as part of the UAE’s national commitment to countering money laundering.

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Abu Dhabi – Officials from the UAE, and the United Kingdom, UK, participated in a joint workshop on Anti-Money Laundering/Combating the Financing of Terrorism, AML/CFT.

Held virtually, the workshop aimed to bolster bilateral efforts to counter financial crime through cross-border cooperation and public-private sector coordination.

UAE participants included representatives from the Ministry of Foreign Affairs and International Cooperation, Ministry of Economy, Ministry of Interior, Ministry of Justice, the Central Bank, Federal Customs Authority, the Executive Office of the National Anti-Money Laundering and Countering the Financing of Terrorism and Illegal Organisations Committee, and other Emirate-and Federal-level law enforcement bodies.

The UK side included representatives from Her Majesty’s Revenue and Customs, Her Majesty’s Treasury, the Home Office, the National Economic Crime Centre, the UK Central Authority, and the Crown Prosecution Service, among others.

During the workshop, participants discussed a number of key issues of mutual interest, including an update on the progress and priorities of the UAE’s Higher Committee Overseeing the National Strategy for Anti-Money Laundering and Countering the Financing of Terrorism, the UK’s strategy on tackling money laundering and terrorist financing, and areas of future collaboration and information exchange.

In her opening remarks, Director of the Ministry of Foreign Affairs and International Cooperation’s Economic and Trade Affairs Department Amna Fikri stated: “From the very highest level of the UAE Government there is a strong recognition of the crucial need to bolster and improve our AML/CFT framework, which aligns with our country’s specific risk profile.”

“We believe there is much we can learn from the UK’s experience on AML/CFT, and significant scope for our two countries to share experiences and best practice, while exploring the potential for greater operational and technical alignment,” Fikri continued.

The workshop comes as part of the UAE’s national commitment to countering money laundering and terrorist financing in all its forms. Efforts to enhance AML/CFT activities have intensified in recent years in line with the country’s position as a regional hub of banking, trade, and investment. – Wam

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