UAE successfully completes FATF recommendations

Shutterstock [For illustration]

The global body in charge of combatting money laundering and terrorism financing has announced the UAE's completion of all 15 recommendations of its action plan.

The Financial Action Task Force (FATF), which made the announcement following its plenary meetings, held from February 19-23 in Paris, congratulated the UAE on this achievement.

"This success is the outcome of significant and distinguished efforts by relevant ministries, the federal government and local entities," said Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs and Chairman of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism.

"The country is committed to consolidate its unwavering approach and position within the world’s financial system, by fully enforcing and adhering to, all relevant international laws and conventions that serve to safeguard the integrity of the global financial system," he added.

Sheikh Abdullah expressed his gratitude and appreciation to the teams working within the ministries, federal government and local entities, the private sector, and all the relevant bodies, along with all those who contributed to the national strategy and action plan.

He underscored that this file is a strategic priority for the UAE, and commended national entities that collaborated to accomplish this milestone.

 

More from Local

Coming Up on Dubai Eye

  • The Business Breakfast

    6:00am - 10:00am

    The Business Breakfast is the day’s must listen for the UAE’s business leaders, and those who aspire to be.

  • The Agenda

    10:00am - 1:00pm

    Broadcasting every weekday, Georgia Tolley goes beyond the headlines to speak to government ministers, decision makers, analysts and local experts to find out how the news will impact those of us living in the UAE.

BUSINESS BREAKFAST LATEST

On Dubai Eye

  • Flying Taxis

    It sounds like an episode of The Jetsons, but the sight of flying taxis whizzing around our cities could be much closer than you think.

  • Tough penalties for deliberate tax evasion

    The UAE has said that tougher penalties will come into force from 1st August for not keeping proper corporate tax records.