Recently ended in Brussels, the sixth EU-UAE Structural Dialogue on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) This high-level conference underlined the continuous dedication and cooperation between the European Union and the United Arab Emirates in the fight against worldwide financial crimes and improvement of world cooperation.
Both sides of the conversation covered present trends and difficulties in the worldwide fight against money laundering and financing of terrorism. Important subjects covered were the state of play of international collaboration between the UAE and the EU, continuous attempts to solve AML/CFT problems, and the formulation of plans to reduce newly arising hazards.
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Both parties strengthened their will to cooperate in order to protect world standards and the integrity of their financial systems. This conversation emphasizes their common knowledge that strong worldwide collaboration is needed to fight financial crime.
Director of the Economic and Trade Affairs Department of the Ministry of Foreign Affairs (MoFA), Rashed Al Teneiji underlined the UAE’s determination to enhance its legal systems. He underlined the need of having such conferences between UAE and EU colleagues to go over collaboration and enhance lines of contact. “The UAE is fully committed to taking the required action to protect the integrity of the financial system, in line with its international obligations,” said Al Teneiji.
To strengthen group defense against worldwide financial crime, the UAE keeps strong cooperation with foreign allies. Al Teneiji said, “The UAE remains a premier location for innovation and investment, and the country is taking all measures needed to strengthen its position.” Therefore, the UAE’s initiatives have and still are concentrated on creating a strong, sustainable system.
The Financial Action Task Force (FATF) said on February 24, 2023 that the UAE had been taken off of their “Jurisdictional under Increased Monitoring” (gray list). This confirms UAE’s will to act pro-actively against financial crimes and improve the nation’s strategy in line with highest international standards.
Reiterating the parties’ shared will to fight global financial crime by efficient and cooperative actions, the sixth EU-UAE Structural Dialogue on AML/CFT marks another step forward in the strong collaboration between the UAE and the EU. This conversation emphasizes their constant dedication to improve integrity and financial security.
The UAE and the EU are providing a strong model in the fight against money laundering by improving their cooperation, exchanging best practices, and application of creative techniques. The development attained in this communication emphasizes the great influence of their combined efforts and opens the path for next achievements in protection of the worldwide financial system.
