The European Union’s removal of the Emirates from a list of countries that pose a high risk for money laundering should take place sooner rather than later, the UAE's ambassador to the bloc said.
The National reported last month how the EU planned to remove the UAE from its list, after a drive in the Emirates to boost regulatory framework.
The UAE was removed from a similar list last year by the Financial Action Task Force, the global body that combats money laundering and terrorism financing.
"As one of the world’s fastest-growing economies, built on a resilient financial system, modern regulatory structures and an unambiguous commitment to sustainable growth, the UAE has demonstrated beyond any reasonable doubt that it has fully satisfied – and in many areas surpassed – the EU requirements for delisting," said Mohamed Alsahlawi, UAE ambassador to the EU, Belgium and Luxembourg, in a statement released on Wednesday by the Ministry of Foreign Affairs.
"A swift and decisive resolution to this matter is necessary to reflect both the facts on the ground and the strategic interests we share with our European partners. Only by resolving this issue can we unlock the true potential of the UAE-EU partnership, driving deeper co-operation, greater prosperity and shared security.
"Our robust regulatory frameworks, effective enforcement mechanisms, and proven track record in detection, prevention, and prosecution of financial crime are documented, verifiable and delivering real-world impact."
The UAE has made clear progress in combating money laundering and the financing of terrorism in recent years, issuing strict laws and introducing regulations to clamp down on such crime.
Last September, the UAE set out a nationwide action plan aimed at combating terrorism financing and money laundering. The 2024-2027 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing features 11 goals focused on risk-based compliance, effectiveness and sustainability.
"The UAE has not only met its global obligations, we have exceeded them," said Mr Alsahlawi. "Our co-operation with EU institutions and member states is deeper, more operational, and delivering tangible results.
"Since 2022 alone, we have supported the EU with 167 extraditions, including 74 extradition decisions already issued, 30 of which [were] directly to France."
