UAE Joins Eurasian Group as Observer to Combat Financial Crimes

The United Arab Emirates has joined the Eurasian Group on Combating Money Laundering and Terrorist Financing as an observer, marking a first for the region. This move reinforces the UAE's commitment to international cooperation against financial crimes, offering expertise and support for regional and global efforts.

The United Arab Emirates has taken a significant step in its fight against financial crimes by becoming the first regional nation to secure observer status in the Eurasian Group on Combating Money Laundering and Terrorist Financing (EAG). This decision underscores the UAE's commitment to bolstering both regional and global cooperation in addressing money laundering and terrorist financing.

As part of the Financial Action Task Force (FATF) global network, the UAE's engagement with the EAG further solidifies its position as a proactive participant in international financial crime prevention. Already an observer in the Asia-Pacific Group on Money Laundering (APG) and a full member of the Middle East and North Africa Financial Action Task Force (MENAFATF), the UAE is poised to play a crucial role in regional deliberations, sharing its expertise and supporting key initiatives to strengthen the framework against financial misconduct.

Central Bank of the UAE Governor Khaled Mohammed Balama affirmed the country's dedication upon joining the group, highlighting the international community's trust in the UAE as a reliable partner. The UAE's commitment includes collaboration with EAG members to promote effective measures fostering a secure financial environment, ultimately benefiting both the UAE and the wider Eurasian region. Additionally, Hamid Saif Al Zaabi of NAMLCFTC emphasized the UAE's enthusiasm for sharing resources and operational insights, further enriching global dialogue on combatting financial crimes.

(With inputs from agencies.)