Latest news with #HamidSaifAlZaabi
Arabian Post
5 days ago
- Business
- Arabian Post
UAE Hits Milestone with EU Delisting From High‑Risk Financial Watchlist
Arabian Post Staff -Dubai European Parliament approved the removal of the United Arab Emirates from its 'high-risk third countries' list for money laundering and terrorist financing, a decision aligned with its earlier removal by the Financial Action Task Force in February 2024 and marking a pivotal regulatory victory. This shift reduces the compliance burden on trade and financial flows, enhancing Abu Dhabi's ambitions to deepen ties with Brussels and attract global investors. Parliament's vote endorsed the European Commission's update to the list, which also saw the UAE's delisting alongside jurisdictions like Gibraltar, Barbados and Panama, while new entries such as Monaco and Kenya were added. The move followed intense technical dialogue between Emirati authorities and EU institutions, satisfying the bloc's concerns with enhanced cooperation on financial intelligence sharing and asset recovery. ADVERTISEMENT Mohamed bin Hadi Al Hussaini, the Minister of State for Financial Affairs, described the decision as a 'strategic milestone' that underscores global recognition of the UAE's robust framework. He emphasised that this represents a shift toward positioning the UAE as a transparent, resilient and globally trusted financial centre – a foundation for attracting sustained investment. These reforms follow a sweeping crackdown on non-compliance, with over AED 339 million in fines levied by the Central Bank on exchange houses, banks and insurers. The fines were part of a wider national strategy enacted under Federal Decree‑Law 20/2018 and its amendments, stretching regulatory oversight to real estate, precious metals, auditing and digital asset sectors. Hamid Saif Al Zaabi, Secretary‑General of the National Anti‑Money Laundering and Combating the Financing of Terrorism Committee, told WAM that the EU's removal affirms successful system‑wide integration across public and private sectors. He described the outcome as the result of a sustained national strategy dating back to 2014, supported by Cabinet-approved action plans and ongoing capacity‑building initiatives. Despite commendations for its progress, Transparency International cautioned that delisting should not be interpreted as full clearance. The organisation noted persistent challenges in real estate safeguards and oversight of politically exposed persons, calling for ongoing vigilance and structured dialogue. Financial experts note that removal from the EU's list could yield significant economic dividends. The International Monetary Fund estimates capital inflows may surge by as much as 7.6 per cent of GDP, with foreign direct investment potentially rising by around 3 per cent. Gulf region analysts view delisting as unlocking smoother trade with Europe across sectors such as renewable energy, fintech and digital infrastructure. Diplomatic messaging framed the delisting as a mutual strategic victory. UAE Minister Ahmed bin Ali Al Sayegh called it 'independent recognition' of Abu Dhabi's dedication to high international standards. EU Ambassador to the UAE Lucie Berger described it as deepening trust and advancing a shared commitment to economic safeguard and global security. Simultaneously, EU trade officials suggested that the move removes political and regulatory barriers ahead of ongoing free trade agreement negotiations with the UAE. While the FATF had cleared the UAE in early 2024, the EU's delayed action mirrored its own rigorous oversight cycle. In March 2023, the EU flagged the UAE for strategic deficiencies before launching a renewed process that incorporated enhanced inter-agency cooperation and legal reform. Next on the UAE's reform agenda is ensuring resilience in emerging risk domains such as cryptocurrency laundering and cross-border terror financing. Analysts emphasise that maintaining international trust will require sustained enforcement, legislative updates scheduled for later this year and deeper public–private collaboration.
Al Etihad
6 days ago
- Business
- Al Etihad
EU's decision reflects scale of UAE's national efforts to safeguard its financial, economic system: NAMLCFTC Secretary-General
10 July 2025 21:46 ABU DHABI (WAM)Hamid Saif Al Zaabi, Secretary-General and Vice Chair of the National Anti-Money Laundering and Combatting the Financing of Terrorism and Illegal Organisations Committee (NAMLCFTC), welcomed the decision to remove the UAE from the European Union's list of high-risk third countries for money laundering and terrorist Zaabi stated that the UAE is not only focused on meeting the requirements to be removed from international lists but is working to establish a comprehensive and sustainable national framework in this to the Emirates News Agency (WAM), Al Zaabi said the European Parliament's announcement yesterday (Wednesday) reflects the scale of the UAE's national efforts to safeguard its financial and economic system in line with the highest international standards, affirming that the UAE has successfully built an integrated system to counter money laundering and terrorist added that this achievement is the direct outcome of systematic and intensive efforts led by the NAMLCFTC and its Secretariat, reflected in the improved technical performance across all levels, with full collaboration from both the public and private noted that the country continues to develop its system and strengthen cooperation with international institutions and partners, with a constant drive to remain among the leading nations protecting their financial and economic systems from financial highlighted the pivotal role of the Higher Committee overseeing the National Strategy for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), chaired by His Highness Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Foreign Affairs, which continues to lead national efforts in coordination with various public and private entities through real proactive measures to combat such explained that the UAE has implemented a clear national strategy to counter money laundering and terrorist financing, approved by the Cabinet in 2014, based on a comprehensive action plan assigned to each concerned authority and built upon a national risk assessment that covered multiple sectors. He praised the key role of the private sector, which is now fully aware of the risks and actively supports the success of the counter-financial crime Zaabi also pointed out that the current year has witnessed intensified efforts to support the national strategy, including workshops, awareness campaigns about emerging risks identified by the national risk assessment, and continued development of legal and regulatory expects that 2025 will bring further legislative developments that will strengthen the UAE's anti-money laundering and counter-terrorist financing framework and reinforce its full compliance with the highest international Zaabi confirmed that the UAE is characterised by clear and stringent laws against financial crime, which enhances its international credibility and transparency and makes it an attractive investment destination. He stressed the country's commitment to staying abreast of international developments and standards by proactively updating its emphasised the importance of international cooperation, particularly with European countries, to ensure continued exchange of information, conduct of joint operations, and delivery of training and knowledge sharing. This, he said, is vital to addressing new crime patterns increasingly linked to digital technologies and virtual assets. The ease of digital transactions and internet access today, he noted, makes information-sharing essential to combating financial crime and halting illicit financial Zaabi also highlighted the UAE's strong focus on leadership development and national capacity-building, through close collaboration with relevant institutions and the delivery of workshops, surveys and awareness initiatives that address evolving crime trends, ensuring both public and private entities are well-informed and equipped to manage such risks. The European Parliament's decision is expected to facilitate free trade negotiations between the UAE and the European Union. It is also projected to boost foreign direct investment in the UAE by three percent due to lower investment risks. Furthermore, it will ease cross-border financial transactions and reduce compliance friction for UAE-based financial institutions when dealing with European counterparts, thereby enhancing investor confidence in the country's credibility.
