CAMLMAC and UAE Financial Intelligence Unit Join Hands to Fight FinCrime

  • Richard Marley
  • August 04, 2021
  • 3 minutes read
  • 78

UAE and China have signed an MoU on August 03, 2021 to combat money laundering and terror financing. 

On August 03, 2021, the United Arab Emirates (UAE) Financial Intelligence Unit (FIU) has signed a memorandum with China Anti-Money Laundering Monitoring and Analysis Centre (CAMLMAC) for facilitating the international cooperation on the exchange of intelligence to combat the financing of terrorism and money laundering.

The MoU has been signed with reference to the objectives of UAE and People’s Republic of China to have their respective authorities cooperate on streamlining, developing and analysis of intelligence on financial transactions that are expected to be involved in money laundering and terror financing. 

Head of the UAE FIU, Ali Faisal Ba’alawi, and Gou Wenjun, Director General of the CAMLAMC signed the MoU. The virtual signing ceremony was attended by His Excellency Dr. Ali Obaid Al Dhaheri, the UAE’s Ambassador to the People’s Republic of China. 

Director General of the CAMLMAC, Gon Wenjun said, 

“CAMLMAC attaches high importance to its cooperation with foreign counterparts. In recent years, the comprehensive strategic partnership between China and the UAE has grown deeper. The UAE has become China’s largest export market and second largest trade partner in the Arab World. The bilateral cooperation between both countries have made great progress. The MoU marks the establishment of cooperation mechanisms in anti-money laundering and countering terrorist financing. This MoU not only serves the mutual interests of both China and the UAE, but also demonstrates our responsibility to combat global financial crimes and terrorist activities with concrete actions.”

Ali Faisal Ba’alawi commented on the MoU, 

“The signing of this MoU is a testament to the strength of the relationship between the UAE FIU and the CAMLMAC as we look to cooperate on the exchange of intelligence in the area of anti-money laundering and combatting the financing of terrorism. We will continue our ongoing joint efforts to confront all suspicious activities both regionally and internationally, and we will seek to reduce the threats these activities pose to the stability and integrity of the global financial system.”

The CAMLMAC and the UAE FIU will exchange relevant information on investigations conducted in the respective jurisdictions for individuals suspected of financial crimes under the domestic and international regulatory requirements. 

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