New agreement to combat money laundering and the financing of terrorism within associations


The UAE Ministry of Community Development has established a joint mechanism with the UAE Financial Intelligence Unit to coordinate efforts to combat money laundering, the financing of terrorist groups and illicit organizations in the United Arab Emirates. nonprofit sector, state news agency Wam reported.

This decision was announced by Hessa bint Essa Buhumaid, Minister of Community Development, and Minister of State Ahmed Al Sayegh.

The cooperation will also allow the exchange of information on NPOs concerning cases of money laundering, financing of terrorist groups and illicit organizations and will aim to establish a secure electronic link for the purpose of exchanging information, a reported Wam.

The UAE, the Arab world’s second-largest economy, has strict laws to prevent money laundering and terrorist financing and has issued several regulations over the past two years to crack down on financial crimes.

Earlier this year, the country established the Executive Office Against Money Laundering and Terrorist Financing, an agency tasked with combating money launderers, organizations and individuals suspected of financing terrorists and the organized crime.

In November last year, the Ministry of Economy set up an anti-money laundering service, while a tribunal was established in Abu Dhabi to combat money laundering and the ‘tax evasion.

“The UAE Ministry of Community Development and Financial Intelligence Unit will cooperate with all relevant authorities who play an active role in our economy and protect donors and their money from the risks of exploitation in terrorist financing and the financing of illicit organizations, in order to enable the effective enforcement of the fight against financial crimes of all kinds and all forms ”, told Wam Ali Faisal Ba’Alawi, head of the FIU.

Meanwhile, Nasser Ismail, deputy assistant secretary for social protection at MoCD, highlighted the ministry’s readiness to integrate with the regulatory authorities responsible for overseeing public nonprofit associations in the United Arab Emirates as a confirmation. commitment to international standards against money laundering, terrorist financing and the proliferation of arms as enacted by the Financial Action Task Force.

The relevant ministry standards constitute a legal, legislative and supervisory basis for the authorities responsible for supervising associations.

Update: December 12, 2021, 3:56 p.m.


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