ABU DHABI, 27th October, 2023 (WAM) — The fourth Plenary of the Financial Action Task Force (FATF) under the Presidency of T. Raja Kumar of Singapore concluded today in Paris, France. During the Plenary, FATF confirmed an on-site visit to the UAE will take place before February 2024.
Commenting on the FATF announcement, Ahmed Ali Al Sayegh, UAE Minister of State, said: “We welcome the FATF announcement today that the UAE has officially been granted an on-site visit to verify the completion of its ICRG Action Plan. The UAE looks forward to welcoming the FATF assessment team to the UAE, and further demonstrating the enhanced and sustained effectiveness of our AML/ CFT framework. Cooperation with strategic international partners is critical to contributing to the global effort to detect and disrupt all forms of financial crime.”
Khaled Mohammed Balama, Governor of the Central Bank of the UAE (CBUAE) and Chairman of the UAE National Anti Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee, stated:
“The UAE takes its role in protecting the integrity of the global financial system extremely seriously. The increased resources and expertise we have put in place underpin the UAE’s continued commitment to combatting economic crime and disrupting illicit networks, both at home and abroad.”
Hamid AlZaabi, Director General of Executive Office of Anti-Money Laundering and Counter Terrorism Financing, added: “The FATF announcement today recognizes the efforts made by various UAE authorities to satisfy the Action Plan. We will continue to work with our partners and stakeholders to fulfil our long-term sustainable AML/CFT plan.”
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