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 Calls for Immediate and Unconditional Reopening of Strait of Hormuz
His Excellency Khalifa bin Shaheen Al Marar, Minister of State, called for the immediate and unconditional reopening of the Strait of Hormuz, and for Iran to be held fully accountable for its unlawful obstruction of international navigation, in his remarks before the United Nations Security Council High-Level Open Debate on “The Safety and Protection of...
View Details
UAE Welcomes IMO Marine Environment Protection Committee Decision Demanding Iran Cease Attacks that Threaten Marine Pollution in the Arabian Gulf Region
The United Arab Emirates (UAE) welcomes the decision of the International Maritime Organization’s (IMO) Marine Environment Protection Committee, to adopt a resolution during its 84th session
View Details
Abdullah bin Zayed Reaffirms UAE Support for Bahrain’s Sovereign Measures to Safeguard National Security
His Highness Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, reaffirmed the UAE’s full support for the sovereign measures taken by the Kingdom of Bahrain to safeguard its security, uphold its sovereignty and national achievements, and counter any attempts to undermine the Kingdom’s stability.
View Details
ITU Council Adopts Historic UAE-Led Resolution Condemning Iranian Attacks on Civilian ICT Infrastructure by Consensus
The UAE, a member of the Council of the International Telecommunication Union (ITU), led a diplomatic initiative at the ITU Council in Geneva, presenting a draft resolution on behalf of the Gulf Cooperation Council (GCC) member states and the Hashemite Kingdom of Jordan on the impact of attacks on civilian telecommunications and ICT infrastructure.
View Details