UAE and EU Team Up to Fight Money Crimes in Brussels Meeting
The sixth EU-UAE Structural Dialogue on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) was recently held in Brussels. This important meeting showed the strong partnership between the United Arab Emirates (UAE) and the European Union (EU) in fighting financial crimes and improving international cooperation.
Key Discussions
During the dialogue, both sides talked about current trends and challenges in the global fight against money laundering and the financing of terrorism. They discussed:
- The state of international cooperation between the UAE and EU
- Ongoing efforts to address AML/CFT issues
- Strategies to handle new risks
Commitment to Financial Integrity
Rashed Al Teneiji, Director of the Economic and Trade Affairs Department at the Ministry of Foreign Affairs (MoFA), highlighted the UAE’s dedication to improving its regulatory frameworks. He stressed the importance of these meetings to enhance cooperation and communication between the UAE and EU.
“The UAE is fully committed to taking the necessary action to protect the integrity of the financial system, in line with its international obligations,” said Al Teneiji.
He also mentioned that the UAE continues to work closely with international partners to fight global financial crime. The UAE aims to be a top location for innovation and investment by developing a strong and sustainable financial system.
Significant Achievements
On February 24, 2023, the Financial Action Task Force (FATF) announced that the UAE was removed from its ‘Jurisdictions under Increased Monitoring’ (grey list). This shows the UAE’s commitment to fighting financial crimes and following best international practices.
Future Cooperation
The 6th EU-UAE Structural Dialogue on AML/CFT is another step forward in the strong partnership between the UAE and the EU. By working together, sharing best practices, and using innovative strategies, they are setting a great example in the fight against money laundering. Their joint efforts are making a big impact and paving the way for future successes in protecting the global financial system.
