Moscow: The United Arab Emirates actively participated in the 42nd Plenary Meeting of the Eurasian Group on Combating Money Laundering (EAG) and its accompanying forum, co-organized by the Eurasian Group and the Middle East and North Africa Financial Action Task Force (MENAFATF) in Moscow, Russia. This significant event marked a milestone by bringing together two regional FATF-style bodies, highlighting the expanding global partnerships in addressing the risks associated with money laundering and terrorist financing.
According to Emirates News Agency, the joint forum, themed 'Risk Management in the Era of Modern Technology,' witnessed participation from over 200 high-level representatives. These included authorities focused on anti-money laundering and counter-terrorist financing, regulatory bodies, financial intelligence units, the private sector, international organizations, and academia. The UAE delegation was led by Hamid Al Zaabi, Secretary-General and Vice Chairman of the UAE's National Anti-Money Laundering and Counter-Terrorist Financing and Financing of Illegal Organisations Committee, as well as the Vice President of MENAFATF. Al Zaabi engaged in a key panel discussion titled 'Future Trends - Global Challenges and Digital Threats.'
The UAE's involvement, as an observer to the Eurasian Group, included showcasing advancements in combating financial crimes. This included national initiatives employing artificial intelligence and digital innovation to enhance the UAE's capacity in addressing money laundering and terrorist financing. The UAE's efforts were also highlighted during a 'Youth Circle' session hosted by the UAE Embassy in Moscow. Here, Al Zaabi shared insights with Emirati youth and scholarship students on the nation's anti-money laundering framework and emphasized career opportunities within this critical sector.
The forum served as an important platform for discussing evolving regulatory approaches and strategies for public-private partnerships. It also addressed regulatory responses to technological advancements, thereby fostering enhanced cooperation between the Eurasian and Middle East and North Africa regions in the fight against financial crimes.