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
UAE Delegation Strengthens Technology Cooperation with the United States
His Excellency Omran Sharaf, Assistant Foreign Minister for Advanced Science and Technology, led a UAE delegation to Washington, D.C., for a series of meetings with senior U.S. government officials
View Details
MoFA Undersecretary Receives Credentials Copy from the Ambassador of the Republic of Malta
H.E. Omar Obaid Alhesan Alshamsi, Undersecretary of the Ministry of Foreign Affairs, received a copy of the credentials of H.E. Dr. Emanuel Mallia, Ambassador of the Republic of Malta to the United Arab Emirates.
View Details
UAE Condemns Israel’s Resumption of Excavation and Bulldozing Operations in Syrian Territory
The United Arab Emirates has condemned Israeli forces’ resumption of excavation and bulldozing operations, as well as the construction of fortifications, in the territory of the Syrian Arab Republic.
View Details
UAE Expresses Solidarity with Kenya and Conveys Condolences over Road Collision Victims
The UAE has expressed its solidarity with the Republic of Kenya over the victims of a road collision in the Salama area, southeast of the capital, Nairobi, which resulted in a number of deaths and injuries.
View Details