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UAE remains strongly committed towards reviving AML/CFT, FATF acknowledges its efforts

The United Arab Emirates has once again shown its commitment towards sticking to the guidelines of the Financial Action Task Force (FATF) in context to strengthening the anti-money laundering (AML) and countering the financing of terrorism (CFT). 

The efforts put forward by the Arab country were recognized by the FATF itself. The financial task force also appreciated the country’s efforts towards counterproliferation financing (CPF). 

The Emirati nation is closely working with the FATF to address certain areas where improvement is needed as far as sticking to the action plan is concerned. It is necessary to stress that the UAE has been making a lot of efforts to "significantly strengthen" its financial crime network.

With the present action plan in place, the UAE is building a strong foundation by establishing a position for itself as a financially secure nation and a lot of similar efforts are underway. It is also ensuring that sustainability and success come hand in hand and neither is compromised. 

The UAE’s Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism addressed the ongoing efforts of the UAE officials towards strengthening the system saying that the Arab nation takes its role of protecting and securing the financial system extremely seriously. 

“On this basis, the UAE will continue its ongoing efforts to identify, disrupt and punish criminals and illicit financial networks in line with FATF’s findings and the UAE’s National Action Plan, as well as through close coordination with our international partners,” the official said while trying to express the string attempts by the UAE towards the issue. 

The nation has made extensive attempts at combating money laundering in recent years. It has made it clear that it does not want to keep any connections in this matter and hence it has also made it sure to counter terrorist financing on its territory. 

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