The United Arab Emirates is introducing a new partnership to crack down on money laundering, the financing of terrorist groups and illicit organisations in the non-profit sector. This was announced by Minister of Community Development Hessa Bint Essa Buhumaid and Minister of State Ahmed Ali al-Sayegh. The aim of the two ministers is to cooperate with the UAE's Financial Intelligence Unit in the exchange of information to prevent money laundering and terrorist financing at all costs.
Ali Faisal Ba'Alawi, head of the Financial Intelligence Unit, stressed the importance of the UAE's efforts to combat terrorism. "The Ministry of Community Development and the UAE Financial Intelligence Unit will cooperate with all concerned authorities that play an active role in our economy and protect donors and their money from the risks of exploitation in the financing of terrorism and the financing of illicit organisations, to enable the effective implementation of the fight against financial crimes of all kinds and forms," remarked Ba'Alawi.
For his part, Hamed al-Zaabi, Director General of the Executive Office for Combating Money Laundering and Terrorist Financing, also remarked that this new mechanism is essential to further strengthen the UAE's role in the world. "As an essential part of our responsibility and deep commitment to effectively combat money laundering and terrorist financing, it is imperative that all our institutions adhere to the highest standards of transparency. This joint announcement is a further step towards strengthening and effectively implementing our national policies for social development, in support of continued development in the UAE," remarked Al-Zaabi regarding anti-money laundering and counter-terrorism cooperation.
The Ministry of State's interest in the Financial Intelligence Unit is marked by the UAE's interest in reaffirming its commitment to international standards, especially as dictated by the Financial Action Task Force (FATF).
Nasser Ismail, Assistant Undersecretary for Social Welfare at the Ministry of Community Development, remarked that the Ministry's standards in this regard provide a legal, legislative and supervisory basis for the authorities responsible for overseeing partnerships. So much so that the Ministry is expected to work on the introduction of laws, regulations and legislation against money laundering, terrorist financing and illicit organisations in the non-profit sector. Promoting security and control procedures in this area is ultimately the goal that the UAE aims to achieve.