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
Shakhboot bin Nahyan Receives the African Union Commission High Representative for Mali and the Sahel
His Excellency Sheikh Shakhboot bin Nahyan Al Nahyan, Minister of State, today received His Excellency Dr. Mamadou Tangara, High Representative of the African Union Commission (AUC) for Mali and the Sahel, at the headquarters of the Ministry of Foreign Affairs in Abu Dhabi.
View Details
MoFA Receives a Copy of the Credentials of the Ambassador of the Kingdom of Belgium
H.E. Saif Abdulla Alshamisi, Assistant Undersecretary for Protocol Affairs, received a copy of the credentials of H.E. Rik Van Droogenbroeck, Ambassador of the Kingdom of Belgium to the United Arab Emirates.
View Details
Deputy Director of MoFA's Dubai Office receives consular credentials of Consul General of the Federal Republic of Germany
Rashid Abdulla Al Qaseer, Deputy Director of the Ministry of Foreign Affairs' Dubai Office, received the consular credentials of H.E. Dr. Jens Christian Ulrich Gaedtke, Consul General of the Federal Republic of Germany in Dubai and the Northern Emirates, during a meeting held at the Ministry's Dubai Office.
View Details
Abdullah bin Zayed, Qatar's Prime Minister and Foreign Minister discuss regional developments by phone
H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, discussed the latest regional developments and efforts to enhance security and stability in the region during a phone call with Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani, Prime Minister and Minister of Foreign Affairs of the State of Qatar.
View Details