Abu Dhabi hosted a collaborative workshop with its counterparts in the Gulf Cooperation Council (GCC) to discuss the grey list of the Financial Action Task Force (FATF). The workshop, which lasted for three days, was attended by representatives from the UAE, Saudi Arabia, Oman, Bahrain, Kuwait, and Qatar. The UAE shared its national experience in strengthening its anti-money laundering and combating the financing of terrorism (AML/CFT) measures, and presented its national model for combating grey-listed countries. The workshop also included presentations by specialized agencies from the UAE, including the National Committee for Combating Money Laundering and the Financing of Terrorism, the Financial Information Unit, and other relevant authorities. Each agency presented its direct results, which included 11 indicators that set international standards for the effectiveness of AML/CFT efforts. The UAE also shared its national experiences in targeted financial sanctions, proliferation financing, and cybersecurity to shed light on its comprehensive approach to combating money laundering and terrorism financing. The UAE exited the grey list of the FATF in February 2024 after completing its rapid action plan in less than two years. Hamad Saif Al-Zaabi, Secretary-General and Vice-Chairman of the National Committee, encouraged participants to view the process of joining the grey list as an opportunity to strengthen the system of combating money laundering and terrorism financing, saying that 'effectiveness is the key to overcoming criminal networks.' He highlighted the UAE's commitment to enhancing its infrastructure for combating money laundering and terrorism financing, citing recent institutional reforms, including the restructuring of the National Committee to simplify local procedures and enhance the committee's effectiveness in combating financial crimes. The workshop emphasized the UAE's commitment to regional cooperation in combating money laundering and terrorism financing, providing an example for GCC countries and enhancing the country's global reputation for combating financial crimes.
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