(Pakistan Point News - 17th Aug, 2021) ABU DHABI, 16th August 2021 (WAM) - A delegation from the Executive Office to Combat Money Laundering and Terrorist Financing in the UAE were briefed on the approach of the UAE Financial Intelligence Unit (FIU) for identifying and analysing suspicious transactions.
The delegation also reviewed the Unit's achievements in supporting the country's efforts to counter money laundering, terrorism financing and related criminal activities.
This came during a visit made by the delegation today to the FIU, where they were received by Ebrahim Al Zaabi, Assistant Governor of the Central Bank of The UAE (CBUAE).
Al Zaabi gave an overview of the Unit's approach of building national capabilities through cooperation with law enforcement agencies, as well as with friendly countries.
He added that the FIU had developed risk analyses for money laundering and terrorist financing, in support of the UAE's proactive approach to fight financial crimes.
Hamed Al Zaabi, Director General of the Executive Office, emphasised the vital role of cooperation in combating money laundering and terrorist financing.
"Today's visit to the FIU enabled us to better understand some of the challenges faced, and how to overcome them through inter-agency collaboration and coordination," he added.
In 2020, the FIU signed Memorandums of Understanding with counterpart authorities in several countries, including Pakistan’s Financial Monitoring Unit, the Kingdom of Bahrain's Financial Intelligence Unit and the and the Financial Information Center for the Republic of Namibia.
In 2021, the Unit signed MoUs with similar authorities in Israel, Somalia, Bangladesh, Malta, Moldova and China.
