The United Arab Emirates (UAE) has achieved a significant milestone by securing observer status at the Asia/Pacific Group on Money Laundering (APG) plenary session held in Vancouver, Canada.
The recognition marks the first instance of an Arab country being granted observer status at the APG, a regional body modeled on the Financial Action Task Force.
In a statement released on Wednesday, Ahmed Ali Al Sayegh, the Minister of State to the UAE Cabinet, expressed his appreciation for the decision of the APG to confer observer status upon the UAE. He emphasized the UAE’s commitment to international cooperation in combating money laundering and terrorism financing, highlighting the country’s active participation in multilateral organizations such as MENAFATF.
“The UAE has placed international cooperation at the heart of its strategy and plan for countering money laundering and the financing of terrorism,” Al Sayegh said.
“Observer status at FSRB events is granted to countries that demonstrate an active and collaborative approach to fighting financial crime, which the UAE has displayed through its participation in MENAFATF and other multilateral organizations,” he added.
The UAE delegation, led by Hamid Al Zaabi, Director-General of the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing (EO AML/CTF), includes representatives from the UAE Financial Intelligence Unit and other governmental authorities. Al Zaabi affirmed that the delegation aims to enhance its understanding of cross-border risks and foster information exchange on evolving threats and typologies.
“The UAE has invested considerably in its AML/CFT system in recent years, and we will be sharing knowledge and best practices with our partners from over 40 countries,” Al Zaabi stated.
“We will also be listening and learning and looking to bring back new insights that can ensure we are at the cutting edge of anti-financial crime strategies and tactics. I look forward to a busy and productive plenary,” he added.
Established in 1997 as part of the global network of Financial Action Task Force-Style Regional Bodies (FSRBs), the Asia/Pacific Group on Money Laundering boasts the largest membership and geographical coverage. Alongside observer countries like the UAE, the APG plenary session sees the participation of influential international organizations such as the International Monetary Fund, World Bank, OECD, United Nations Office on Drugs and Crime, the UN’s Counter-Terrorism Executive Directorate, the Asian Development Bank, Commonwealth Secretariat, INTERPOL, and the Egmont Group of Financial Intelligence Units.
