The United Arab Emirates (UAE) has officially gained observer status in the Eurasian Group on Combating Money Laundering and Terrorist Financing (EAG), becoming the first country in the region to achieve this distinction.
This move underscores the UAE’s commitment to enhancing regional and global cooperation in the fight against financial crimes such as money laundering and terrorist financing.
As part of the Financial Action Task Force (FATF) global network, the UAE’s accession to the EAG highlights its active role in international efforts to combat financial crime. The UAE already 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).
The UAE’s new role as an observer will allow it to actively engage in discussions within the Eurasian Group, contributing expertise and supporting key initiatives aimed at strengthening the regional framework against financial crimes. This collaboration will foster cooperation with EAG member states to address money laundering and terrorist financing effectively.
Khaled Mohammed Balama, Governor of the Central Bank of the UAE, expressed the UAE’s eagerness to work closely with the EAG, emphasizing the recognition as a sign of international confidence in the UAE’s capabilities in combating financial crime.
Hamid Saif Al Zaabi, Secretary-General of the National Anti-Money Laundering Committee (NAMLCFTC), highlighted the shared economic interests and the UAE’s intention to contribute valuable technical expertise to support the Group’s efforts.
The EAG, established in 2004, is an associate member of FATF and includes nine member countries in Eurasia. The UAE’s inclusion as an observer adds to the global fight against financial crimes, contributing to economic stability and security.
News Source: Emirates News Agency
