UAE first in region to gain observer status in Eurasian Group to Combat Money Laundering and Terrorism Financing

This move highlights the UAE's commitment to enhancing regional and global cooperation in the fight against money laundering and terrorist financing.

As part of the Financial Action Task Force (FATF) global network, the UAE's accession to the EAG further underscores its active role in international efforts to combat financial crime.

The UAE also 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 observer status allows the UAE to actively engage in discussions within the Eurasian Group, collaborating with member states to strengthen regional efforts in combating money laundering and terrorist financing.

As an observer, the UAE will contribute its expertise, support key initiatives, and foster cooperation with EAG members to enhance the regional framework for tackling financial crimes.

Commenting on the UAE's successful accession to the group, Khaled Mohammed Balama, Governor of the Central Bank of the UAE (CBUAE) and Chairman of the National Anti-Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCTFC), stated, "The UAE welcomes the decision by the Eurasian Group General Plenary to grant us observer status. This recognition reflects the international community's confidence in the UAE as a reliable, active, and effective partner in the fight against money laundering and terrorism financing. It underscores our ongoing commitment to strengthening efforts in combating financial crimes and highlights our dedication to enhancing regional and global cooperation to safeguard the integrity of the financial system.

"We look forward to collaborating closely with the Eurasian Group and its members, contributing to the development of effective measures that promote a secure and resilient financial environment, benefiting both the UAE and the broader Eurasian region."

Hamid Saif Al Zaabi, Secretary-General and Vice Chair of NAMLCFTC, highlighted the UAE's active role in the Eurasian Group, stating, "We are pleased to officially obtain observer status in the Eurasian Group, as the UAE shares common economic and financial interests with many of its member states. Through our observer status, we look forward to offering technical expertise, resources, and operational insights to support the Group's efforts in combating money laundering and terrorist financing.

"We are also eager to contribute to the Group's activities in ways that strengthen national and regional capabilities, sharing valuable experiences from the Middle East and North Africa. This collaboration will enrich the global dialogue on combating financial crimes and support the current FATF presidency's goal of enhancing the impact of regional bodies like FATF."

Established in 2004, the EAG is an associate member of the Financial Action Task Force (FATF) and includes nine member countries in Eurasia: Belarus, China, India, Kazakhstan, Kyrgyz Republic, Russia, Tajikistan, Turkmenistan, and Uzbekistan.

Observer status is extended to 16 countries and 23 international organisations, all working collectively to advance the fight against financial crimes that impact economic stability and security on a global scale. (ANI/WAM)