In a ceremony held at Qasr Al Bahr in Abu Dhabi, the UAE President, His Highness Sheikh Mohamed bin Zayed Al Nahyan, presented the Order of the Union to Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs. Additionally, the committee members, other ministers, and senior officials were bestowed with the Order of Zayed II First Class. This prestigious recognition was given in appreciation of the committee’s significant accomplishment in successfully removing the UAE from the list of “Jurisdictions under Increased Monitoring” by the Financial Action Task Force (FATF).
The FATF is an international organization committed to combating money laundering and terrorist financing.
Read more: UAE Central Bank issues new anti-money laundering guidelines
Strengthening global reputation
During the meeting, His Highness the President congratulated the committee members on their success and expressed appreciation for the significant efforts that contributed to achieving this milestone. This decision not only enhances the country’s global reputation, but also strengthens confidence in its financial system and national framework for combating money laundering and terrorism financing. Furthermore, it aligns with the UAE’s strategic plans to establish commercial and economic partnerships with countries worldwide.
His Highness highlighted that this achievement is the result of collaboration among various entities involved in developing the nation’s plans to combat money laundering and terrorism financing. He commended the roles and cooperation of teams from Ministries, federal and local government agencies, and the private sector, all of which played a part in achieving national objectives in this area.
Enhancing competitiveness
Additionally, His Highness underscored the UAE’s commitment to enhancing its competitiveness and establishing itself as a leading financial center and preferred destination for business and investment. His Highness underlined the UAE’s commitment as a responsible member of the international community, stating that the country diligently takes action against money laundering and actively strives to eradicate channels of funding for terrorism.
Moreover, His Highness stated that the UAE will continue to collaborate with its partners and relevant entities worldwide in combating financial crime and promoting best practices. This commitment aims to strengthen the global financial and trade system and serve shared interests.
In response, the officials expressed their pride in the recognition bestowed upon them by His Highness the President. They expressed their appreciation and reaffirmed their ongoing commitment to serving the nation and elevating its position on the international stage.
For more news on the economy, click here.
