Anti-money laundering action UAE seizes $356m from March to July

ABU DHABI: The UAE has successfully confiscated a staggering $356 million (more than Rs104 billion) during the anti-money laundering operations from March to mid-July 2023, said UAE news agency WAM.

The UAE also imposed fines amounting to $54 million to reinforce its efforts in the fight against terrorism financing and money laundering, the Director-General of the Executive Office of Anti-Money Laundering and Counter Terrorism Financing (AMLCTF) Hamid Al Zaabi revealed the figures.

He said the UAE has also enhanced collaboration with international bodies, recognising the significance of a united front against financial crimes.

“By strengthening these partnerships, the country aims to further enhance its capabilities in tackling money laundering and terrorism financing on a global scale,” he added.

The UAE has recently conducted a comprehensive review of its progress in combating money laundering and terrorism financing during the first half of 2023.

The outcome of the review showcases significant improvement across various aspects of the UAE’s national Anti-Money Laundering and Counter Terrorism Financing (AMLCTF) system.

Hamid Al Zaabi emphasised that this review highlights the strength, responsiveness, and effectiveness of the UAE’s Anti-Money Laundering and Counter Terrorism Financing (AMLCTF) framework.

The UAE has persistently implemented the National Action Plan and National Anti-Money Laundering and Counter Terrorism Financing (AMLCTF) Strategy, demonstrating its firm commitment to combat illicit financing and safeguard the integrity of the global financial system.

Between March and mid-July 2023, the UAE focused on investigating and prosecuting large-scale, complex money laundering cases. During this timeframe, the relevant authorities launched a total of 183 new money laundering cases across the country.

The Executive Office, established in February 2021, is responsible for overseeing the enforcement of these strategic initiatives.