The UAE takes its role in protecting the integrity of the global financial system extremely seriously. This means actively administering and enforcing economic and trade sanctions. The UAE has the essential components of a sanctions compliance program in place, including engaging with the private sector to further promote understanding of, and compliance with, sanctions requirements.
The UAE government does not seek to comment on specific, or ongoing investigations. However, where the integrity of the UAE’s compliance commitments is called into question, or the UAE is wrongfully perceived to ignore apparent violations, we have a duty to respond.
The UAE confirms that a thorough and comprehensive investigation is fully underway into the three named entities. This includes using recent legislative changes (Cabinet Resolution no 58), designed to improve corporate transparency through a framework for reporting and registering beneficial ownership.
The scale and complexity of financial crime has increased. So too has the UAE’s awareness and understanding of it. That is why the UAE is committed to taking action. This is reflected in the high-level policy and political commitment to establish and operate a sophisticated financial crime compliance system.
This includes a shared objective across all UAE entities to prevent, detect, and deter illicit activity in the financial system. As part of this, we are improving the way we are sharing information across our financial sector and with law enforcement and government.
Related News
Joint Statement between the United Arab Emirates and the Kingdom of Spain
The Kingdom of Spain and the United Arab Emirates reaffirmed the strength of their bilateral relationship, signalling strong coordination and unlocking opportunities in key sectors during a meeting between H.E. José Manuel Albares, Minister for Foreign Affairs, European Union and Cooperation, and H.E. Lana Nusseibeh, Minister of State.
View Details
UAE and Oman Hold First Round of Consular Consultations to Enhance Bilateral Cooperation
The United Arab Emirates and the Sultanate of Oman convened the first round of consular consultations at the headquarters of the Ministry of Foreign Affairs in Abu Dhabi, with the aim of exploring ways to strengthen constructive cooperation in areas of mutual interest.
View Details
Abdullah bin Zayed receives Austria’s Federal Minister for European and International Affairs
H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, received today in Abu Dhabi, Beate Meinl-Reisinger, Federal Minister for European and International Affairs of the Republic of Austria.
View Details
UAE President confers First-Class Order of Zayed II on Chinese Ambassador
President His Highness Sheikh Mohamed bin Zayed Al Nahyan has conferred the First-Class Order of Zayed II to Zhang Yiming, Ambassador of the People’s Republic of China to the UAE, in recognition of his efforts to strengthen friendship and the strategic partnership between the two countries.
View Details