Leaders from the UAE and Egypt met in Cairo on to discuss cooperation in combatting money laundering and terror financing.
Hamad Al Zaabi, the UAE’s director-general at the executive office for anti-money laundering and terrorist financing (AML/CTF), met with his Egyptian counterpart Ahmed Khalil to talk about the coordination efforts.
The leaders reviewed regional developments in the space, as well as the key steps taken by both countries “to develop an effective system to combat financial crime.”
“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,” UAE’s Al Zaabi said in a statement carried on Wam.
He said his country places importance on international cooperation and knowledge exchange in its fight against 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,” the Emirati official explained.
The Central Bank of the UAE earlier renewed its AML/CFT rules, especially as the country’s economy gradually recuperates from the Covid-19 pandemic, and sectors like digital payments continue to grow.
Al Zaabi said Egypt is a “strong partner on counter terrorism financing, and we value effective coordination with our partners there.”
Hatem Aly, regional representative of the United National Office on Drugs and Crime for the Gulf region, was also in the meeting.
“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,” he said.
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