The AML/CFT Partnership Forum has released a thematic review examining how environmental crime is fueling complex financial flows across the UAE, spotlighting a growing threat to the integrity of the country's financial system.
Published on Monday, the report was prepared by the ACPF alongside its Environment Working Group. It explores how offences such as wildlife trafficking, illegal mining, unauthorised waste dumping, and trade in banned chemicals are generating illicit proceeds that increasingly intersect with money laundering and organised crime networks.
The ACPF operates under the General Secretariat of the National Anti-Money Laundering and Combatting the Financing of Terrorism and Proliferation Financing Committee, serving as a bridge for dialogue between government authorities and private sector stakeholders.
The paper outlines global typologies and red-flag indicators while offering practical guidance for reporting entities to detect and disrupt proceeds linked to environmental crime. It also lays out key performance indicators and timelines to guide stakeholders in addressing identified risks.
Hamid AlZaabi, Secretary-General and Vice Chair of the NAMLCFTC, said the review reinforces accountability and strengthens cooperation between regulators and industry while safeguarding natural resources.
Mohamed Shalo, Chair of the ACPF, described environmental crime as one of the fastest-growing forms of transnational organised crime, calling on partners to convert commitments into concrete action.
Collin Lobo, Regional Head of Financial Crime at HSBC MENAT and Chair of the Environmental Working Group, noted that environmental crime has evolved into a multi-billion-dollar illicit economy dependent on financial systems to move and legitimise profits.
The review aligns with the UAE's National AML/CFT/CPF Strategy and supports preparations for the country's upcoming mutual evaluation. Financial institutions and relevant businesses have been urged to incorporate the findings into their risk assessments and monitoring frameworks.
News Source: Emirates News Agency
