In March and April, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) of the United Arab Emirates welcomed officials from the U.S. Government for a series of virtual meetings and workshops, which are expected to continue in the following months to cover a range of issues related to anti-money laundering and countering the financing of terrorism (AML/CFT). These meetings are a main part of ongoing capacity-building technical engagements the UAE is organizing with several partner countries. Multiple institutions from across the UAE participated and benefited from the exchange of knowledge, techniques, and skills.
The workshops, hosted by the U.S. Departments of the Treasury, State, Justice, and Homeland Security, as well as the Terrorist Financing Targeting Center, focused on several AML/CFT issues, including trade-based money laundering schemes, enhancing AML/CFT investigations using advanced data analytic techniques, and counter-proliferation investigative methods. The meetings highlighted the importance of international cooperation and the critical role of financial intelligence, public-private partnerships, and domestic coordination in combatting money laundering and terrorism financing.
Amna Fikri, Director of the Economic and Trade Affairs Department, UAE Ministry of Foreign Affairs and International Cooperation said: “I would like to thank the US Government for our exchange of AML/CFT best practices and technical skills. The UAE is committed to preventing all forms of financial crime, and developing a strong understanding of the threat is a key component of our risk-based approach. Raising awareness of how money laundering and terrorism financing works, what to look for in financial transactions and raising the alarm on suspicious activity are key to being better equipped to combat the threat. We look forward to continuing our technical partnership with the United States into the future.”
The joint sessions hosted with the United States form a key part of the UAE’s wide range of activities to prevent money laundering and terrorism financing, including initiatives to facilitate international and domestic cooperation. In October 2020, MoFAIC and the U.S. Departments of State and Treasury held a U.S.-UAE Technical Session on Economic Sanctions and Money Laundering. The session discussed the Advisory to Counter Sanctions Evasion issued by the United States and the UAE’s National Strategy on AML/CFT (2020-2023).
Source: UAE Ministry of Foreign Affairs