Office launched to spearhead #UAE anti-money laundering efforts | The National

Office launched to spearhead UAE anti-money laundering efforts | The National

National efforts to combat money launderers, entities and individuals suspected of financing terrorists and organised crime are to be led by a new UAE institution, launched officially on Wednesday.

The Executive Office of Anti-Money Laundering and Counter Terrorism Financing, which is affiliated with the Ministry of Foreign Affairs and International Co-operation, will help protect the integrity of the UAE's financial system and "actively pursue those who abuse it for illicit means", said Hamid Al Zaabi, the director general of the Office.

“It’s an important moment for the UAE. The Office will be acting as a national co-ordinator with internal, intergovernmental and international organisations to tackle money laundering and crack down on the financiers of terror,” said Mr Al Zaabi.

The launch of the Office is part of a country-wide series of measures to tackle money laundering in the UAE.

The Office aims at protecting vital financial interests undermined by dirty money, illicit finance and the funding of terrorism.