Officials from the UAE, the European Commission and EU member states participate in the workshop of the European Multidisciplinary Platform against Criminal Threats (EMPACT). Courtesy: MOFAIC
Officials from the UAE, the European Commission and EU member states participate in the workshop of the European Multidisciplinary Platform against Criminal Threats (EMPACT). Courtesy: MOFAIC
Officials from the UAE, the European Commission and EU member states participate in the workshop of the European Multidisciplinary Platform against Criminal Threats (EMPACT). Courtesy: MOFAIC
Officials from the UAE, the European Commission and EU member states participate in the workshop of the European Multidisciplinary Platform against Criminal Threats (EMPACT). Courtesy: MOFAIC

Global fight against financial crime 'highest strategic priority' for UAE


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  • Arabic

The UAE has redoubled its commitment to international efforts to combat money laundering and the financing of terrorism.

Amna Fikri, director of the economic and trade affairs department at the Ministry of Foreign Affairs and International Co-operation, told European officials this week that the "fight against financial crime has been elevated to the highest level of strategic priority" for the government.

"Organised crime and systemic corruption – two global, not local, phenomena – drive financial crime in the world. Recognising their signs can be challenging," she said. "Calling them out and stating their role in the financial crime chain is critical for us. By working together at an international level, we are better placed to identify and make meaningful efforts locally."

Amna Fikri, director of economic and trade affairs department at the Ministry of Foreign Affairs and International Co-operation. MOFAIC
Amna Fikri, director of economic and trade affairs department at the Ministry of Foreign Affairs and International Co-operation. MOFAIC

She said the UAE has been working to improve its monitoring of banks, exchange houses and informal networks that make remittances possible. It is also ensuring that authorities have the ability to analyse and disclose company ownership information, including to counterparts abroad.

"We also view making certain information available to the public as an important step in reducing the dangers of financial crime," said Ms Fikri.

Customs officials and law enforcement authorities are carrying out both random and targeted inspections within the gold and precious metals trade.

There is also a particular focus to ensure that criminals do not exploit the UAE's large volumes of trading activity for money laundering and sanctions evasion purposes, she said.

"Mutual co-operation is essential and remains key to our future collective success. The challenge and scale of the problem ahead demands it."

Last year, a dedicated office within the Ministry of Foreign Affairs and International Co-operation to confront money laundering was approved. The Ministry of Economy set up an anti-money laundering department to oversee compliance with local laws. In addition, a dedicated court to tackle money laundering and tax evasion was established in Abu Dhabi. Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, oversees the national strategy for anti-money laundering and countering terrorism financing.

On Monday and Tuesday, Ms Fikri and other UAE officials from the Ministry of Foreign Affairs and International Co-operation, Ministry of Interior, the Ministry of Justice, the Central Bank, and the Federal Customs Authority, participated in an online anti-money laundering and financial crime workshop with judicial and law enforcement authorities from the European Commission and EU countries. This was their third meeting after workshops took place in September and December 2019.

UAE currency: the story behind the money in your pockets
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'Worse than a prison sentence'

Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

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Emiratisation was introduced in the UAE more than 10 years ago

It aims to boost the number of citizens in the workforce particularly in the private sector.

Growing the number of Emiratis in the workplace will help the UAE reduce dependence on overseas workers

The Cabinet in December last year, approved a national fund for Emirati jobseekers and guaranteed citizens working in the private sector a comparable pension

President Sheikh Khalifa has described Emiratisation as “a true measure for success”.

During the UAE’s 48th National Day, Sheikh Khalifa named education, entrepreneurship, Emiratisation and space travel among cornerstones of national development

More than 80 per cent of Emiratis work in the federal or local government as per 2017 statistics

The Emiratisation programme includes the creation of 20,000 new jobs for UAE citizens

UAE citizens will be given priority in managerial positions in the government sphere

The purpose is to raise the contribution of UAE nationals in the job market and create a diverse workforce of citizens

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What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

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