Staff Correspondent

The Financial Action Task Force (FATF), the international organization in charge of combatting money laundering and terrorism financing has announced the UAE’s completion of all 15 recommendations of its action plan, and has congratulated the UAE on this achievement.

The announcement was made following FATF’s plenary meetings, held between 19 to 23 February, in the capital of France, Paris, reads a press releases issued by the UAE Embassy Dhaka on Subday.

On this occasion, Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, and Chairman of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, stated, “This success is the outcome of significant and distinguished efforts by relevant ministries, the federal government and local entities.

These collective endeavours serve to expedite the national strategy and action plan, achieve the directives and aspirations of the UAE’s leadership, aiming to further strengthen the country’s leading status and competitiveness, and advance its position globally as an economic, trading and investment hub. ’’

Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, underlined: “The UAE is resolute to intensify its participation and contributions within multilateral organizations, as well as strengthen bilateral relations, in order to enhance national and international cooperation at the policy and executive levels.”

Abdullah bin Touq Al Marri, Minister of Economy, highlighted: “Preventing illegitimate financial flows, and supporting the efficiency of our national plan for combating money laundering and terrorism financing, are the foundations for strengthening the UAE’s position as a global hub for trade and investment.”

Abdullah bin Sultan Al Nuaimi, Minister of Justice, affirmed: “The progress achieved by the UAE in the file of combating money laundering is due to the guidance and support of the wise leadership and the continuous efforts undertaken by all national teams from the relevant and judicial authorities including the federal and local courts and prosecution offices.”

Ahmed bin Ali Al Sayegh, Minister of State, Ministry of Foreign Affairs (MoFA) expressed: “This announcement reflects the efficient and sustainable measures adopted by the UAE in combating money laundering and terrorism financing.”

The decision marks a notable victory for the UAE, potentially enhancing its global reputation and credibility.