UAE, Egypt team up to fight money laundering
The UAE and Egypt discussed aspects of joint cooperation and coordination in the fight against money laundering and terrorist financing.
The two sides also discussed the most significant developments in the region in the field of money laundering in general and coordination between the two sides particularly.
This was revealed during a meeting with Hamid Al Zaabi, Director General of the UAE’s Executive Office to Combat Money Laundering and Terrorist Financing, Counselor Ahmed Khalil, Chairman of the Board of Trustees of the Arab Republic of Egypt’s Anti-Money Laundering and Terrorist Financing Unit, and Judge Dr. Hatem Ali, Regional Representative of the United Nations Office on Drugs and Crime for Gulf Cooperation Council countries.
This included a presentation by the Executive Office for Combating Money Laundering and Terrorist Financing on the most significant steps taken in relation to the country’s evaluation and experience in developing an effective system to combat financial crimes, as well as collaboration with the private sector.
The Egyptian Anti-Money Laundering and Terrorist Financing Unit’s work team also presented ways to advance the national system and the most notable steps that have been taken regarding the Arab Republic of Egypt’s evaluation.
Action plan updates
According to Al Zaabi, the Executive Office for Combating Money Laundering and Terrorist Financing is continuing its efforts to keep international and regional partners up to date on the progress of the national action plan. “The most prominent projects and initiatives that we are working on in collaboration with all relevant authorities in the country to ensure a sustainable framework for combating money laundering and terrorist financing,” he said.
“Continuous communication with our partners is one of our national agenda and strategy priorities in the Executive Office, and international cooperation and knowledge exchange are at the heart of the UAE’s efforts to combat financial crime,” he explained. “The successful transfer of suspects demonstrates the UAE’s commitment to collaborating with international partners to prosecute anyone who abuses the financial system. The UAE has achieved outstanding results as a result of its strategic emphasis on asset recovery and the swift implementation of targeted financial sanctions,” Al Zaabi noted.
Furthermore, he added, “We have a strong partnership with our sisterly Arab Republic of Egypt in combating terrorist financing, and we value the effective coordination with our partners there.”