UAE gains observer status in Eurasian Group to combat money laundering

The UAE has officially joined the Eurasian Group on Combatting Money Laundering and Terrorist Financing (EAG) as an observer, making it the first country in the region to achieve this status.

This move underscores the UAE's strong commitment to enhancing both regional and global efforts to fight money laundering and terrorist financing.

As part of the global network led by the Financial Action Task Force (FATF), the UAE's accession to the EAG highlights its active role in the international battle against financial crimes.

The UAE also holds observer status in the Asia-Pacific Group on Money Laundering (APG) and is a full member of the Middle East and North Africa Financial Action Task Force (MENAFATF).

As an observer, the UAE will participate in EAG discussions, share expertise and collaborate with member states to strengthen regional efforts in combatting financial crimes.

The country aims to support key initiatives and help develop a robust framework for tackling money laundering and terrorism financing.

Khaled Mohammed Balama, Governor of the Central Bank of the UAE, welcomed the decision, noting that this recognition reflects global confidence in the UAE's role as an active and reliable partner in combatting financial crime.

He emphasised the UAE's ongoing commitment to strengthening international cooperation and safeguarding the integrity of the financial system.

Hamid Saif Al Zaabi, Secretary-General and Vice-Chair of the UAE's National Anti-Money Laundering and Combating the Financing of Terrorism Committee, also expressed the UAE's eagerness to contribute to the EAG’s efforts.

He highlighted the shared economic and financial interests between the UAE and EAG member states and the country's readiness to offer technical expertise and resources.

The EAG, established in 2004, includes nine member countries across Eurasia and works closely with the FATF: Belarus, China, India, Kazakhstan, Kyrgyz Republic, Russia, Tajikistan, Turkmenistan and Uzbekistan.

The UAE’s new observer status joins that of 16 other countries and 23 international organisations, all working together to tackle financial crimes that threaten global security and economic stability.

UAE first in region to gain observer status in Eurasian Group to Combat Money Laundering and Terrorism Financing#WamNews https://t.co/cUYkPTME3c pic.twitter.com/pmV0r8G3Fw

— WAM English (@WAMNEWS_ENG) November 29, 2024