The UAE takes its role in protecting the integrity of the global financial system extremely seriously. This means actively administering and enforcing economic and trade sanctions. The UAE has the essential components of a sanctions compliance program in place, including engaging with the private sector to further promote understanding of, and compliance with, sanctions requirements.
The UAE government does not seek to comment on specific, or ongoing investigations. However, where the integrity of the UAE’s compliance commitments is called into question, or the UAE is wrongfully perceived to ignore apparent violations, we have a duty to respond.
The UAE confirms that a thorough and comprehensive investigation is fully underway into the three named entities. This includes using recent legislative changes (Cabinet Resolution no 58), designed to improve corporate transparency through a framework for reporting and registering beneficial ownership.
The scale and complexity of financial crime has increased. So too has the UAE’s awareness and understanding of it. That is why the UAE is committed to taking action. This is reflected in the high-level policy and political commitment to establish and operate a sophisticated financial crime compliance system.
This includes a shared objective across all UAE entities to prevent, detect, and deter illicit activity in the financial system. As part of this, we are improving the way we are sharing information across our financial sector and with law enforcement and government.
Related News
Abdullah bin Zayed Condemns the Targeting of Civilian Infrastructure and Civilian Facilities in the Region
His Highness Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, condemned in the strongest terms the targeting of, and threats to target
View Details
UAE Strongly Condemns Iran’s Unprovoked Terrorist Attack on the State of Kuwait
The United Arab Emirates has condemned in the strongest terms Iran’s unprovoked terrorist attack targeting a military camp in the State of Kuwait,
View Details
UAE President receives written message from Syrian President
President His Highness Sheikh Mohamed bin Zayed Al Nahyan has received a written message from Ahmad Al-Sharaa, President of the Syrian Arab Republic on the fraternal relations between the two nations.
View Details
UAE Strongly Condemns Targeting of Residence of President of the Kurdistan Region of Iraq
The United Arab Emirates has strongly condemned the attack targeting the residence of His Excellency Nechirvan Barzani, President of the Kurdistan Region of Iraq, in Duhok Governorate, expressing its concern over this heinous act.
View Details