UAE establishes executive office of anti-money laundering

The United Arab Emirates (UAE) Cabinet_ chaired by Sheikh Mohammed bin Rashid Al Maktoum_ Vice President_ Prime Minister and Ruler of Dubai_ has approved the establishment of the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).

According to the Emirates News Agency (WAM)_ the Executive Office will oversee the implementation of the UAE's National AML/CFT Strategy and National Action Plan (NAP)_ the programme of reforms designed to strengthen the country's anti-financial crime system.

Hamid Al Zaabi has been officially appointed as the Director-General of the Executive Office of the UAE_ who will report directly to the Higher Committee overseeing the UAE's National AML/CFT Strategy_ chaired by Sheikh Abdullah bin Zayed Al Nahyan_ Minister of Foreign Affairs and International Cooperation.

Following the decision of his appointment_ Al Zaabi said_ "In light of the vision of the UAE's leadership_ and the guidance of the Chair of the Higher Committee overseeing the UAE's National AML/CFT Strategy_ the UAE takes its role in protecting the integrity of the global financial system extremely seriously. The scale and complexity of financial crime has increased. So too has the UAE's awareness and understanding of it. That is why the UAE is committed to taking action."

The Executive Office will strengthen the UAE's domestic defences against money laundering and terrorist financing while enabling effective enforcement.