UAE seizes $1.29bn in assets in fight against money laundering and terrorism financing – The National

UAE seizes $1.29bn in assets in fight against money laundering and terrorism financing – The National

The UAE has seized and confiscated assets worth more than Dh4.73 billion ($1.29bn) in the 12 months to the end of July as the Arab world’s second-largest economy steps up its fight against money laundering and the financing of terrorism.

Assets worth Dh2.54bn were seized by authorities while assets worth Dh2.19bn were confiscated in the one-year period, Hamid Al Zaabi, director general of the UAE’s Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), told The National in an interview.

UAE authorities have also frozen assets worth more than Dh13 million during the same period as the country, a financial centre in the Middle East, prioritises AML/CFT as part of its efforts to achieve its national strategy goals.