Emirates News Agency – UAE, US strengthen cooperation in the area of ​​combating money laundering and terrorist financing

WASHINGTON, DC, 4th July, 2022 (WAM) — A delegation from the United Arab Emirates visited Washington, DC and met with officials from the United States Department of the Treasury, including representatives from the Office of Terrorist Financing and Financial Crimes, the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC).

During the visit, the officials discussed close cooperation between the UAE and the United States in the area of ​​combating money laundering, terrorist financing and the financing of WMD proliferation. .

The UAE delegation highlighted the most important developments in the UAE’s national program to combat money laundering and terrorist financing, as well as the country’s efforts to strengthen the effectiveness of these controls in cooperation with international partners.

During the visit, members of the UAE delegation discussed other strategic initiatives, including efforts to mitigate the risks associated with virtual assets, illegal wildlife trafficking and to refine the assessment of financing risks of the UAE proliferation that the country began earlier this year.

The delegation highlighted the UAE’s public-private partnership efforts and recent developments, including progress on the legal framework for information sharing between the public and private sectors to improve the effectiveness of the regime. of AML/CFT.

In this regard, Hamid Al Zaabi, Director General of the Anti-Money Laundering and Counter Terrorism Financing Executive Office, said: “The United States of America is one of the key strategic partners of the United Arab Emirates. in the fight against money laundering, the financing of terrorism and the financing of proliferation.. This area, where the crimes are complex and transcontinental in nature, requires a high level of global coordination and cooperation with international counterparts. »

Paul Ahern, Principal Deputy Assistant Secretary of the Terrorism Financing and Financial Crimes (TFFC) Office, said, “We welcomed the AML/CFT Executive Office to the Treasury to continue our ongoing collaboration and technical engagement.