BEFORE YOU GO...
Check how Shufti Pro can verify your customers within secondsRequest Demo
The UAE and the US put forward their efforts to minimize the risks associated with virtual assets and illicit activities including money laundering, wildlife trafficking and terrorist financing assessments
An Emirati delegation visited the United States to discuss the initiatives regarding the measures of anti-money laundering and combatting financial terrorism. The delegation met the US officials to clear cooperation on the mentioned objectives regarding digital techniques.
The officials of the United States treasury department and the other legal representatives from relevant bodies and international organisations were present during the discussion as per reports of the WAM, the state news agency.
According to the director-general of the Emirate’s executive office to combat money laundering and terrorist financing, Hamid Al Zaabi, “The US is one of the UAE’s main strategic partners in combating money laundering, terrorist financing, and proliferation financing,”.
While discussing the measures and policies of both the regions in countering the prevailing crimes he added: “This field, where crimes are complex and transcontinental in nature, requires a high level of global coordination and cooperation with international counterparts.”
The visit was part of the UAE’s continuous efforts to boost anti-money laundering (AML) and counter-terrorist financing (CFT) initiatives. By exchanging knowledge, talking about the significance of adhering to pertinent international standards, and fostering close cooperation and communication with one of the UAE’s key strategic partners, the visit allowed the UAE to take advantage of the Kingdom’s successful experience in these fields.
Among the various topics of discussion, the issue of fraud among virtual assets such as crypto laundering and theft was also a part of the coordination. The delegation also discussed the country’s developments in the progress of its legal framework that is with the regulation of international industry standards.
Suggested Reads: UAE Judges Discuss Steps Taken by Authorities to Strengthen AML Controls