Executive Office of Anti-Money Laundering and Counter Terrorism Financing concludes review of progress up to Q1 2023

Executive Office of Anti-Money Laundering and Counter Terrorism Financing concludes review of progress up to Q1 2023

ABU DHABI, 9th May, 2023 (WAM) – The Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF) concluded a review of progress up until the end of the first quarter of 2023. The meeting was chaired by Hamid AlZaabi, Director General, and attended by the executive management team.

Highlights include:

• To date, the UAE has signed a total of 44 international Mutual Legal Assistance Treaties, with more expected in 2023.

• From November 2022 to February 2023, law enforcement agencies sent out 327 requests for information to foreign counterparts through various channels, including INTERPOL, the GCC Police, Liaison Officer Networks, and special security MoUs with 110 foreign counterparts.

• Supervisors of financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs) issued 161 fines to 76 entities amounting to over AED 115 million (USD 30 million), showing a clear increase over 2022, wherein supervisors issued fines amounting to over AED 76 million (USD 20 million).

• The UAE successfully confiscated over AED 925 million (USD 250 million) from November 2022 to February 2023, primarily from cases related to professional and trade-based money laundering.

• All businesses registered and licensed in Dubai will receive the Dubai Unified License, with the first of multiple phases scheduled