The progress of the UAE’s ranking in one of the most prominent global indicators for measuring money laundering risks has continued the momentum and enhanced confidence in the country’s economic and financial sector, which reflects the positive progress achieved by the national system in the file of combating money laundering and terrorist financing.
According to a press release issued today by the Executive Office to Combat Money Laundering and Terrorist Financing, the UAE, under the leadership of the Supreme Committee to Supervise the National Strategy to Combat Money Laundering and Terrorist Financing and the Executive Office to Combat Money Laundering and Terrorist Financing, has succeeded in achieving remarkable progress in one of the leading international indicators on combating money laundering and terrorist financing. Money and terrorist financing.
The statement indicated that the UAE’s ranking in the Basel Anti-Money Laundering Risk Index has advanced by 16 places from 2021 to 2023, which reflects the continuous efforts made by the country in strengthening its national system and embodies the higher directives and aspirations of the leadership in enhancing the leadership and competitiveness of the UAE and consolidating its position as an economic, commercial and investment center. Globally.
His Excellency Hamid Al Zaabi, Director General of the Executive Office to Combat Money Laundering and Terrorist Financing, said that these results represent global recognition of the record efforts made by the UAE in combating money laundering and terrorist financing.
He stressed that the state’s strategy and approach to confronting financial crimes is deep and comprehensive, and includes all aspects related to the crimes and risks of money laundering and terrorist financing, whether from law enforcement authorities, regulatory authorities, and company registrars, all the way to the private sector, in order to achieve all goals to the fullest extent.
His Excellency added: “The effectiveness, permanence and sustainability of our efforts was completely clear to all partners, at the local and international levels, and we look forward to launching more important initiatives in the coming months. This achievement also represents a milestone in the UAE’s commitment to strengthening the framework for combating money laundering and the financing of terrorism, and enhancing confidence.” Investors, and working on a more favorable business environment.”
He pointed out that with the improvement of risk ratings, the UAE is preparing to attract more investments, facilitate smooth international transactions, and strengthen its position as a leading member of the global financial community and a trusted partner.
For his part, Emmanuel Jevanakis, CEO of the Financial Services Regulatory Authority at the Abu Dhabi Global Market, said: “The FATF decision demonstrates the remarkable progress the country has achieved in improving measures to combat money laundering and terrorist financing.”
He added: “Mitigating the risks of money laundering and terrorist financing has always been a strategic focus of the ADGM regulations and our regulatory approach, and we continue to take all necessary measures to keep all entities operating in the Abu Dhabi Global Market vigilant and ready to fulfill their legal obligations that are in line with international standards.”
In turn, Walid Saeed Al Awadhi, Chief Operating Officer at the Dubai Financial Services Authority, said: “The UAE’s removal from the Financial Action Task Force (FATF) gray list represents an important achievement, and the improvement reflects the strength of the country’s anti-money laundering and terrorist financing frameworks, and given the delisting process, We expect to see lower processing costs and turnaround time for international transactions, lower banking fees, increased compliance among financial institutions and enhanced investor confidence.”
He stressed that this strengthening of the UAE’s international financial credibility would support a safer investment environment and enhance economic growth, explaining that this step confirms to global financial institutions and investors the UAE’s commitment to regulatory compliance and financial transparency, which strengthens its position as a leading global financial center.
For her part, Hana Al Rostamani, CEO of First Abu Dhabi Bank Group, praised the joint efforts led by the Supreme Committee supervising the national strategy to combat money laundering and terrorist financing and the Executive Office to combat money laundering and terrorist financing, expressing her confidence that this will enhance the global competitiveness of the UAE and the growing confidence between International investors, thus enhancing confidence in the country and attracting more foreign investments.
#UAEs #ranking #global #antimoney #laundering #index #enhances #confidence #economic #financial #sectors
