The UAE Hosts the Egmont Plenary to Promote Global Anti-Money Laundering Efforts

The UAE Financial Intelligence Unit is hosting this year’s Egmont Plenary event, which is expected to attract over 500 participants. The meeting will explore how global financial intelligence units can maximise their efficiency through the use of advanced IT technologies.

More than 500 participants attended this years Egmont Plenary in the UAE, which promotes global efforts to combat money laundering. In particular, it focuses on how information technology can be used to enhance the operations of global financial intelligence units.

According to a statement released by the UAE Central Bank on July 4th, “The UAE’s hosting of the EG Plenary is in line with the country’s robust efforts to protect the UAE and wider global financial system from terrorism financing, money laundering, and financial crimes. It strives to do so by bolstering cooperation with international counterparts, enhancing the exchange of information and expertise with competent authorities.”

A number of regulations have been passed over the years to curb financial crime, including laws prohibiting money laundering and the financing of terrorism. To combat money laundering, the country issued fines of more than Dh 115 million ($31.3 million) in the first quarter of 2018. 76 entities were fined 161 times in the first three months. From November 2022 to February 2023, more than Dh925 million worth of frozen assets have been seized.

Earlier this year, executive director general, Hamid Al Zaabi informed the media that the Financial Action Task Force (FATF) collaborated closely with the organisation. The federal government and the private sector were working together to ensure effective measures were taken to prevent money laundering and terrorism financing in the UAE.

Moreover, a number of regulations have been passed by the UAE Central Bank to ensure financial institutions comply with guidelines relating to the prevention of terrorism financing and money laundering. Each year, the Egmont Group receives thousands of reports of suspicious transactions from its 166 members throughout the world.

A statement issued by the Egmont Group said that financial intelligence units are “instrumental in ensuring that financial systems remain sound,” adding that the annual event aims to enhance information sharing and cooperation among Egmont Group members.

During the event in the UAE, discussions will be held on a range of topics, including privacy-enhancing technologies, the use of artificial intelligence for effective collaboration, best practices for financial information exchange, and training programme development. Moreover, committee members will discuss Egmont Group’s reports as well as policies and develop “actionable financial intelligence to combat money laundering.”

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