UAE Receives Observer Status at APG For Money Laundering

UAE becomes the first Arab country receive an observer status at the Asia/Pacific Group of Money Laundering (APG). The country’s delegate will share its critical findings on AML strategies with other members at the upcoming plenary of the group.

The delegation of UAE is attending the money laundering plenary of the group with observer status, which is happening this week in Canada. This is an accomplishment for the country as it has become the first Arab country to be given observer status at the money laundering plenary of the group.

UAE’s Cabinet Minister, Ahmed Ali Al Sayegh, said, “The UAE has placed international cooperation at the heart of its strategy and plans for countering money laundering and the financing of terrorism. Observer status at FSRB events is granted to countries that demonstrate an active and collaborative approach to fighting financial crime, which the UAE has displayed through its participation in MENAFATF and other multilateral organisations.” 

The Director-General of the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing (EO AML/CTF), Hamid Al Zaabi, is leading the UAE delegation with some other representatives from FIU and government agencies.

Al Zaabi remarked that the UAE delegation continues to enhance its ability to understand international risks and challenges in exchanging information on rising financial threats, particularly money laundering. He said, “The Asia/Pacific Group on Money Laundering is the largest FSRB globally and provides a truly unique forum for cross-border cooperation and information exchange. The UAE has invested considerably in its AML/CFT system in recent years, and we will be sharing knowledge and best practices with our partners from over 40 countries. We will also be listening and learning and looking to bring back new insights that can ensure we are at the cutting edge of anti-financial crime strategies and tactics. I look forward to a busy and productive plenary,” he added.

Asia Pacific Group on Money Laundering is part of a global network, Financial Action Task Force-Style Regional Bodies (FSRBs), founded in 1997. It’s the largest group in terms of geographical size and number of members.

The International Monetary Fund, World Bank, OECD, United Nations Office on Drugs and Crime, the UN’s Counter Terrorism Executive Directorate, the Asian Development Bank, Commonwealth Secretariat, Interpol, and the Egmont Group of Financial Intelligence Units are also among observer status countries attending the conference.

Suggested Read: 

UAE Levies Charges Over DH115 Million to Combat Money Laundering

UAE Court Convicted 13 Indian Nationals and 7 Companies for Money Laundering Offences

UAE Convenes Summit on Curbing Money Laundering and Terrorism Financing