WASHINGTON DC (WAM)
A high-level delegation from the UAE, led by the General Secretariat of the National Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illicit Organisations (GS-NAMLCFTC), conducted a four-day mission in the USA that concluded on Thursday, convening with strategic partners in Washington DC, to advance cooperation and partnership between the two parties in combatting financial crime and preserving international financial security.
The delegation included, in addition to the General Secretariat of the NAMLCFTC, representatives of several government authorities, including the Ministry of Foreign Affairs, the Ministry of Interior, the Ministry of Justice, the Executive Office for Control and Non-Proliferation and other professional bodies.
The delegation engaged with senior officials from US agencies, including the Departments of Treasury, Justice, and State, the Internal Revenue Service's Criminal Investigation unit (IRS-CI), the Financial Crimes Enforcement Network (FinCEN) and the FBI. The delegation also met with representatives of the International Monetary Fund (IMF) and the World Bank.
Hamid Saif AlZaabi, Secretary-General of the General Secretariat and Vice Chairman of the GS-NAMLCFTC, emphasised the importance of the UAE-US partnership in strengthening international financial and economic security.
He added, "The UAE and the United States enjoy a strong strategic partnership based on shared values in combating financial crimes and enhancing economic security. This week, our discussions focused on strengthening technical cooperation, developing international partnerships, and reinforcing regulatory frameworks to address increasingly complex illicit financial flows.
"These efforts represent an effective safeguard for individuals and organisations, while also enhancing economic and other vital links between our two nations.
"Since 2009, the UAE has been the largest market for US exports in the Middle East and North Africa, with bilateral trade reaching $31.4 billion in 2023 alone. As a key partner in protecting global financial security, we will continue working alongside our international partners to maintain and strengthen global financial systems in line with the best international practices."
The UAE delegation's agenda included reviewing existing bilateral operational initiatives to further focus on priority issues such as cross-border asset recovery efforts, virtual asset risks and investigations, public-private partnerships and strengthening regulatory coordination to ensure greater effectiveness in addressing global financial challenges.
Recognising the critical role of the private sector and research centres, the delegation's agenda included a roundtable discussion organised by the US-UAE Business Council in cooperation with the embassy of the UAE in Washington.
The discussion featured presentations to private sector stakeholders from the US on the National Strategy and Plan of the UAE in combatting financial crime and a number of priority strategic projects along with the role of these measures in creating a secure and sustainable business and investment environment, thereby fostering trust among trade partners and supporting shared economic growth.
The delegation also participated in the meeting of the Joint Task Force to Combat Money Laundering and Terrorist Financing, organised by the Ministry of Foreign Affairs on Thursday in cooperation with the US Treasury Department, during which a number of developments were reviewed and discussed at the level of all tracks that the joint taskforce is working on.