UAE’s Executive Office of AML/CTF signs MoU with UN Office on Drugs and Crime in fight against financial crime

ABU DHABI, 13th October, 2022 (WAM) – The UAE’s Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF) has signed a Memorandum of Understanding (MoU) with the United Nations Office on Drugs and Crime (UNODC) to expand cooperation in the fight against money laundering (ML) and terrorism financing (TF).

The MoU will provide a framework of cooperation and understanding to facilitate and strengthen the collaboration between the EO AML/CTF and UNODC to further their shared objectives in this field.

Special focus will be given to the sharing and developing tools, guidance materials, and capacity-building at the legislative, strategic, and operational levels.

Commenting on the announcement, Hamid AlZaabi, Director-General of the EO AML/CTF, said, “Effective international cooperation is essential in the fight against financial crimes, and UNODC plays an important role working across continents to build capacity, raise standards, and facilitate the exchange of expertise. The UAE is a strong partner to UNODC, and this MoU consolidates our cooperation and creates a framework for new initiatives. We will share with UNODC methods, guidelines, and regulatory approaches to eradicate the movement of illicit funds.”

For his part, Judge Hatem Ali, Regional Director of the GCC UNODC Office, said, “UNODC is the custodian of the United Nations Convention against Transnational Organised Crime, which is the main international instrument in the fight against this crime and illicit financial flows associated with the laundering of criminal proceeds. Our office praises the long-standing and fruitful partnership with the UAE Government in addressing the global scourges of crime and terrorism.

“The signing of this MoU is a new milestone that will enable us to strengthen our cooperation with the Executive Office of AML/CTF. It will also elevate our support for national and international efforts to effectively disrupt and mitigate the risks posed by criminal and terrorist financing, including through our shared vision and commitment to assisting countries of mutual interest and concern at the interregional level.”

As a next step, both parties will formalise regular bilateral meetings to be held every four months to discuss technical and operational issues related to furthering the objectives of the MoU and review progress of work undertaken by the EO AML/CTF.