A delegation from the United Arab Emirates participated in a multilateral meeting aimed at consulting on the establishment of a shared asset recovery network, hosted by the Egyptian Anti-Money Laundering Unit in Cairo, Egypt, on April 29 and 30, 2024. The meeting was organized by the United Nations Office on Drugs and Crime (UNODC) in partnership with the Financial Action Task Force for the Middle East and North Africa (MENAFATF) and the German Agency for International Cooperation (GIZ) to discuss the creation of an inter-agency network for asset recovery in the MENA region (MENA-ARIN).
The UAE delegation was led by His Excellency Hamid Al Zaabi, Director General of the Executive Office of Anti-Money Laundering and Combating the Financing of Terrorism, and included representatives from the Ministry of Justice, Ministry of Interior, Federal Public Prosecution, and the Public Prosecution of Dubai. The meeting addressed the proposal to establish a regional asset recovery network aimed at enhancing international cooperation on issues related to the confiscation of illicit proceeds. These regional networks worldwide cover areas such as Western Europe, North America, Asia and the Pacific, the Caribbean, East Africa, South America, Eastern Europe, and Central Africa. However, a similar network has not yet been established in the Middle East and North Africa, negatively impacting asset recovery and compliance with international standards in this area.
His Excellency Hamid Al Zaabi delivered a keynote address emphasizing the UAE's support for the initiative and its importance in light of the efforts undertaken by the UAE to combat money laundering and the financing of terrorism. He stated, "The UAE has made the confiscation of illicit assets a strategic priority, with various authorities working together to seize unlawful proceeds from criminal activities. The government has implemented measures to identify, trace, and assess properties subject to confiscation, based on the powers granted to the entities in accordance with the country's laws and regulations. This is a crucial part of combating money laundering and terrorist financing in the UAE, as the recovery of illicit assets helps deter financial crime by turning it into high-risk and low-reward activities. Given the global nature of financial crimes, asset recovery is a strategic issue at both local and international levels, meaning that the establishment of a regional network will add significant value to the UAE’s efforts and those of its partners in this regard."
The meeting adopted a proposal from the UAE to form the founding team and associated working mechanisms for the establishment of the network and its procedures. It included more than 60 representatives from countries of the Financial Action Task Force for the Middle East and North Africa, as well as representatives from the UNODC, the German Agency for International Cooperation, and several representatives from regional asset recovery networks in the Americas, Europe, and Africa.
The UAE is one of the leading countries globally in asset recovery in relation to the total estimated financial crimes. From December 2021 to June 2023, law enforcement agencies in the UAE opened 583 cases resulting in the conviction of 1,898 individuals (1,501 natural persons and 397 legal entities), seizing nearly AED 5.4 billion (equivalent to USD 1.4 billion).
