https://thearabianpost.com/uae-and-eu-strengthen-alliance-against-financial-crimes/

The United Arab Emirates is set to engage in high-level discussions with the European Union to bolster international efforts against money laundering and financial crimes. Hamid Al Zaabi, Secretary General and Vice Chairman of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee, announced the upcoming talks, emphasizing the UAE’s dedication to global financial stability.

Al Zaabi highlighted the necessity of international collaboration, noting that the UAE has already initiated dialogues with the United States and France to develop a comprehensive strategy addressing financial crimes, including those related to narcotics and fraud. He stated, “Through comprehensive preventive measures, the UAE continues to foster a stable and secure economic environment for all.”

This initiative follows the seventh EU-UAE Structural Dialogue on Anti-Money Laundering and Countering the Financing of Terrorism , held in Abu Dhabi in November 2024. The meeting underscored the commitment of both parties to combat financial crimes and enhance international cooperation. Discussions focused on current global trends and challenges in AML/CFT, with both sides expressing a shared determination to strengthen collaborative measures.

The EU emphasized the importance of law enforcement and judicial cooperation between the UAE, EU member states, and relevant EU bodies. The dialogue was co-chaired by representatives from the UAE Ministry of Foreign Affairs, the European External Action Service , the EU Delegation to the UAE, and the European Commission. Plans were made to convene the next round of discussions in Brussels in early 2025.

In addition to these dialogues, the UAE hosted a seminar titled “European Union Sanctions and Enhancing Cooperation to Strengthen Sanction Effectiveness” in Abu Dhabi. The event provided a comprehensive overview of EU sanctions frameworks and explored avenues for enhanced cooperation to ensure the efficacy of sanctions. Attendees included representatives from various UAE public sector entities, reflecting the nation’s commitment to aligning with international standards and practices in financial regulation.

The UAE’s proactive stance is further evidenced by its hosting of the 2024 Asia/Pacific Group on Money Laundering Annual Meeting and Technical Assistance and Training Forum. The event, attended by over 400 delegates from the Asia-Pacific region, served as a platform to coordinate anti-money laundering and counter-terrorism financing technical assistance. The forum welcomed new Development Assistance Partners, including the EU AML/CFT Global Facility, Germany’s Global Program Combating Illicit Financial Flows , and Luxembourg’s Institute for Legal Support and Technical Assistance .

These efforts are part of a broader strategy by the UAE to enhance its financial regulatory framework and international cooperation. In November 2024, the UAE and Sweden signed bilateral agreements on mutual legal assistance in criminal matters and extradition, aiming to strengthen collaboration in combating organized crime. Sweden’s Minister for Justice, Gunnar Strömmer, emphasized that these agreements would reduce criminals’ ability to operate within both countries.

The UAE’s commitment to combating financial crimes is also evident in its recent actions against international criminal networks. The country has been instrumental in targeting the Kinahan cartel, a notorious organized crime group involved in drug trafficking and money laundering. In late 2024, Ireland signed an extradition treaty with the UAE, facilitating the prosecution of cartel members residing in Dubai. This development followed the arrest of Sean McGovern, a key figure in the Kinahan cartel, in Dubai. The treaty represents a significant step in international efforts to dismantle such criminal organizations.

French authorities have been investigating investments by Marseille-based drug dealers in Dubai’s real estate market. Luxurious skyscrapers, such as “Act One” and “Act Two,” have become focal points in judicial investigations into money laundering activities. French drug traffickers are suspected of channeling illicit funds into these properties, highlighting the UAE’s ongoing challenges in preventing financial crimes. The UAE’s collaboration with international partners is crucial in addressing these complex transnational issues.