UAE, Egypt discuss coordination to combat financial crimes

During a meeting held recently in Cairo, Hamid Al Zaabi, DG of the Executive Office for Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF), Ahmed Khalil, chairman of the board of trustees of the Egyptian Money Laundering and Terrorist Financing Unit (Egyptian AML/CTF), and Judge Hatem Aly, regional representative of the United National Office on Drugs and Crime for the Gulf region, discussed the UAE and Egypt’s efforts and coordination in AML/CFT.

According to the state news agency, WAM, the two sides reviewed the most prominent regional developments and coordination between them.

Al Zaabi stated, “The EO AML/CFT continues its efforts to inform international and regional partners on the latest developments in its national action plan and notable projects and initiatives that we are working on in cooperation with relevant UAE authorities to ensure a sustainable framework to combat money laundering and counter-terrorism financing.”

He continued, “Continuous communication with our partners is one of the priorities of our national agenda in the Executive Office. International cooperation and knowledge exchange are at the core of the UAE’s efforts to fight financial crime. The successful extradition of key suspects demonstrates the UAE’s commitment to working with our international partners to pursue those who abuse the financial system. The UAE has achieved outstanding results through its strategic focus on asset recovery and rapid implementation of targeted financial sanctions.”

Al Zaabi added, “We are also strong partners with Egypt on counter-terrorism financing, and we value effective coordination with our partners there.”

Khalil stated that the visit of Al Zaabi and Dr Hatem Aly is part of efforts to strengthen UAE-Egyptian strategic relations and is a model for all Arab nations.

Hatem Aly said, “We welcome the fruitful partnership in recent years with the UAE’s national agencies, coordinated by the Executive Office for Anti-Money Laundering and Counter-Terrorism Financing, in developing national efforts to investigate and detect illicit remittances and combat money laundering and the financing of terrorism nationally, regionally, and internationally alongside the relevant entities. The UAE is one of the economically and commercially pivotal countries in the region and the world.”

In recent news, the Central Bank of the UAE issued new guidance on AML/CFT for licensed financial institutions on the risks related to payments, and the preventive measures that the institutions should apply in order to mitigate such risks.

Read: Central Bank of UAE issues new guidelines on anti-money laundering