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UAE and EU join hands in fight against money laundering and terrorism financing


The latest EU-UAE Structural Dialogue on Anti-Money Laundering and Countering the Financing of Terrorism highlighted their steadfast commitment and collaboration in tackling global financial crimes and bolstering international cooperation.

Key Discussions and Strategies

During the dialogue, participants examined current trends and challenges, with a focus on the state of international cooperation between the UAE and EU. They discussed ongoing efforts to combat financial crimes and the development of strategies to mitigate associated risks.

Commitment to Financial Integrity

In the meeting held in Brussels, both parties reaffirmed their dedication to working together to protect the integrity of their financial systems and uphold global standards, according to official media reports.

UAE's Efforts to Protect Financial Systems

Rashed al-Teneiji, director of the economic and trade affairs department at the UAE foreign ministry, emphasized the country's commitment to strengthening its financial systems. He highlighted the importance of such meetings in fostering cooperation and enhancing communication channels.

“The UAE is fully committed to taking the necessary action to protect the integrity of the financial system. The UAE continues to work closely with international partners to reinforce collective defense against global financial crime.”

UAE's Removal from FATF Grey List

Al-Teneiji also noted that on February 24, 2023, the Financial Action Task Force (FATF) removed the UAE from its grey list, recognizing the country's proactive measures to combat financial crimes.

Implications of Removal from FATF Grey List

Established in 1989, the FATF is an intergovernmental body that combats money laundering, terrorist financing, and proliferation financing. The organization's grey list indicates areas where a country needs improvement within a specified timeline. The UAE's removal from the list signifies substantial progress in strengthening its financial systems to combat crimes.

Examples of these measures include creating an executive office to fight financial crimes and establishing a special court for financial crime prosecution. This development opens up new opportunities for businesses operating in the UAE.
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