The UAE has announced the establishment of an Executive Office to combat money laundering and terrorism financing, which will be responsible for overseeing the implementation of the national strategy against financial crimes in the country.
The Emirates News Agency "WAM" reported today, Thursday, that the creation of the Executive Office to combat money laundering was decided by the Cabinet, chaired by Mohammed bin Rashid Al Maktoum, Vice President and Ruler of Dubai. The agency pointed out that the Executive Office will become the main national coordination body responsible for anti-money laundering and counter-terrorism financing efforts within the UAE.
The agency clarified that "the office has a broad mandate to assist relevant entities in enhancing their efficiency and effectiveness in executing the national action plan and achieving its specific objectives in combating money laundering and terrorism financing."
The United Arab Emirates ranks first among Arab countries in attracting foreign investments, which reached $12 billion in 2006 and is ranked 22nd among the world's best economies according to International Monetary Fund estimates. In this regard, Fathi Mahmoud Skik, Director General of the UAE Banks Association, stated that the UAE is experiencing a comprehensive economic renaissance with high growth rates.
