The UAE takes its role “extremely seriously” in protecting the integrity of the global financial system, and it has recently earned praise from an international body combatting money laundering.
This was given emphasis by a UAE official who rubbished on Wednesday a report that claimed the country has “served as a safe haven for some of the world’s most wanted criminals, due in part to the secrecy its real estate sector affords.”
The country has made strides in going after so-called global criminals, the official noted, underscoring: “In February (this year), the Financial Action Taskforce (FATF), the global standard-setter for measures to fight money laundering, praised the UAE’s significant progress.”
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
“UAE’s removal from FATF’s grey list reflects the country’s commitment to fighting financial crime and sanctions evasion, and is a big boost to its financial system,” banking and financial experts said in an earlier interview with Khaleej Times.
Data leak
The report, published by Organized Crime and Corruption Reporting Project on Tuesday, said: “Thanks to a new leak of data, reporters have identified scores of alleged criminals, individuals facing sanctions, and political figures accused of corruption who have owned property there.”
Continuing efforts
The UAE official reiterated “the (government) takes its role in protecting the integrity of the global financial system extremely seriously.”
“In its continuing pursuit of global criminals, the UAE works closely with international partners to disrupt and deter all forms of illicit finance. The UAE is committed to continuing these efforts and actions more than ever today and over the longer term.”