The 7th EU-UAE Structural Dialogue on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) was held in Abu Dhabi.
This high-level meeting emphasized the advancing commitment and collaboration between the United Arab Emirates and the European Union in combating financial crimes and upgrading and enriching international cooperation.
The European Union’s delegation was attended by Her Excellency Lucie Berger, Head of the EU Delegation to the United Arab Emirates, and included various EU agencies such as the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), the Directorate-General for Migration and Home Affairs (DG HOME), the Directorate-General for Justice and Consumers (DG JUST), and the External Action Service (EEAS).
During the Structural Dialogue, His Excellency Saeed Al Hajeri, Assistant Minister for Economic and Trade Affairs, highlighted the UAE’s position as “one of the world’s fastest-growing economies” and a “dynamic hub for innovation, trade, and investment.” His Excellency highlighted that the UAE’s economic foundation is built on a resilient, efficient financial system backed by momentous support from the leadership and strict measures to combat money laundering and terrorism financing. These efforts, he noted, are extremely crucial for ensuring security, cultivating transparency, and strengthening the UAE’s global competitiveness. In that context, he also reiterated the UAE’s commitment to engage with international counterparts, including the European Union and its various institutions and Member States.
Key Takeaways
- Reinforcement of Partnership: Both the UAE and the EU emphasized their shared commitment to safeguarding the integrity of their financial systems through robust AML/CFT measures and international cooperation
- UAE’s Progress: The UAE showcased its national strategy for combating financial crimes, detailing efforts to strengthen regulatory frameworks and meet international standards. The UAE highlighted its removal from the FATF’s “grey list” earlier in 2023 as a testament to its proactive reforms
- Focus Areas: The dialogue addressed emerging risks in global financial systems, such as virtual assets, and strategies for mitigating these challenges. Training initiatives and cooperative activities between the EU Global Facility and UAE institutions were noted as crucial components of capacity building
- Future Collaboration: Both parties explored new avenues for joint initiatives, aiming to enhance transparency and resilience in financial systems and maintain alignment with FATF recommendations
The 7th EU-UAE Structural Dialogue on AML/CFT marks a step forward in the sturdy and growing partnership between the UAE and the EU in fortifying the collaborative determination to combat money laundering and terrorism financing through efficacious measures, setting an example for global collaboration against financial crimes.
