FATF Formulates Action Plan To Assist UAE Fight Against Money Laundering and Terror Financing

Last updated on October 26th, 2022 at 10:24 am

The Group of Seven headed the Financial Action Task Force has decided to closely monitor terrorism activities in UAE, a confirmed report has said. This comes in wake of the United Arab Emirates’ notable effort to curb and control the increase in its anti-money laundering (AML) and counter the financing of terrorism (CFT) activities in the country. It has also been strictly monitoring its Counter proliferation and financing (CPF) closely.

The Financial Action Task Force (FATF) has recognised that the United Arab Emirates has made positive progress in all these three areas of concern and has therefore decided to increase its own monitoring efforts. This will help to ensure the success and sustainability of the UAE’s efforts to strengthen its anti-financial crime framework, FATF has announced.

Also known by its French name, Groupe d’action financière, the FATF is an intergovernmental organisation that was founded in 1989. It has been a completely G7 initiative, to develop policies to combat money laundering. In 2001, its mandate was expanded to include terrorism financing too. Today, terror financing is being seen as an easy extension of money laundering.

Related Posts

• Aditya Thackeray Comes Down Heavily On Saffron Party in UP Election Campaigning
• Anil Deshmukh To Be Questioned By CBI Over Money Launder Allegation
• BJP’s Historic Win In UP Gives “Glimpse” Of Next General Elections, Says PM Modi
• Centre Receives Rs. 18000 crores From Mega Money Launderers
• ED arrests Nawab Malik over connection with Dawood Ibrahim’s money laundering case
• ED questions Amway over money laundering, attaches assets worth Rs 758 crore
• FATF Formulates Action Plan To Assist UAE Fight Against Money Laundering and Terror Financing
• Huge blow for Congress ahead of Punjab assembly polls as ED arrests CM’s nephew over Money Laundering
• India & UAE: Cultural ties reaching new horizons
• India -UAE: Partners in rendering humanitarian efforts
• India declares 26/11 attacks mastermind Hafiz Saeed’s son a terrorist
• India-UAE continue to enhance bilateral ties and economic cooperation
• Modi Government To Push Indian Medical Device Sector Amongst Top 5 Global Manufacturers
• Other Bollywood celebrities on the list of ED in the Sukesh Chandrashekhar case
• The beauty business continues to grow in India

In response, the UAE has already shown a strong commitment to working closely with FATF to address remaining areas of improvement through the implementation of an action plan. Noting that the UAE has “significantly strengthened” its anti-financial crime framework, the action plan builds on the firm foundations established and important efforts already underway. On its part, the government and private sector continue to take robust actions and ongoing measures to secure the stability and integrity of the country’s financial system.

Commenting on the country’s ongoing efforts to fight financial crime, the UAE’s Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism said, “The UAE takes its role in protecting the integrity of the global financial system extremely seriously and will work closely with the FATF to quickly remedy the areas of improvement identified.

On this basis, the UAE will continue its ongoing efforts to identify disrupt and punish criminals and illicit financial networks in line with FATF’s findings and the UAE’s National Action Plan, as well as through close coordination with our international partners.” The UAE’s government continues to remain committing in advancing its efforts to combat money laundering and counter terrorist financing. They understand how this remains a key pillar underpinning the country’s status as an attractive global business hub that operates in line with international standards.