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 Welcomes FAO Decision to Condemn Iran over Disruption to Global Food and Agriculture Supply Chains
The UAE welcomed the decision adopted on Tuesday by the Food and Agriculture Organization (FAO) Council, at a Special Session of the Council, as part of a UAE-led initiative, together with GCC Member States and partners, which included a condemnation of Iran’s actions that jeopardize food security
View Details
UAE Strongly Condemns Targeting of ADNOC National Carrier While Transiting Strait of Hormuz
The United Arab Emirates has strongly condemned and denounced the Iranian terrorist attack involving two drones that targeted a national carrier affiliated with ADNOC as it transited through the Strait of Hormuz, with no injuries reported.
View Details
Deputy Director of MoFA’s Dubai Office receives credentials of Consul General of the Republic Azerbaijan
Mr. Rashid Abdulla Al Qaseer, Deputy Director of the Ministry of Foreign Affairs’ Dubai Office, received the consular commission of His Excellency Kamran Mammadzada, Consul General of the Republic of Azerbaijan in Dubai and the Northern Emirates, during a meeting held at the Ministry’s Dubai Office.
View Details
UAE Strongly Condemns Renewed Unprovoked Iranian Aggression Using Missiles and Drones
The United Arab Emirates has condemned in the strongest terms the renewed terrorist, unprovoked Iranian attacks targeting civilian sites and facilities in the country using missiles and drones, which resulted in the injury of three Indian nationals.
View Details