UAE joined the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG). The EAG was designed for the countries of the Eurasian region not incorporated in the existing FATF-style regional bodies and is intended to play a significant function in decreasing the threat of international terrorism and ensuring the clarity, reliability, and security of the financial systems of nations and their further integration into the international infrastructure for fighting money laundering and terrorism financing (AML/CFT).
UAE is also a principal member of MENA FATF and will soon get the presidency of the Middle East and North Africa Financial Action Task Force (MENA FATF), an FATF Style Regional Body (FSRB). These developments will indicate that FSRB-to-FSRB collaboration will increase now, and other nations can also hold joint plenaries and develop strategies to combat money laundering and terror financing.
The UAE is dedicated to combating illegal financial activities such as money laundering and financing of terrorism. The country’s policies and procedures detect and deter financial offences on its soil and stop the use of its lands as a transit route or to move funds resulting from any criminal activity. The UAE also backs global efforts to counter money laundering and fight the financing of terrorism, seeking to fully enforce the standards of the Financial Action Task Force (FATF).
As reported by sources, the UAE had applied for an observer position in EAG, and its appeal was decided. The UAE delegation partook in working sessions and movements. During these sessions, the delegation delivered an exposition to the Risk Committee on the impact of cybercrime and the function of law enforcement authorities in addressing these challenges.
The delegation gave a presentation on the abuse of virtual assets in financing terrorism.
Based on the Agreement on the Eurasian Group on Combating Money Laundering and Financing of Terrorism, States or organizations with observer status can participate in the Working Group meetings and the Plenary, circulate via the Secretariat written statements in the working languages of EAG on matters of interest that fall within EAG competence, and receive public documents and decisions of EAG as may be necessary from time to time.
