UAE Joins Eurasian Group As Observer In Fight Against Money Laundering

The United Arab Emirates (UAE) has become the first country in its region to achieve observer status in the Eurasian Group on Combating Money Laundering and Terrorist Financing (EAG). This milestone underlines the UAE’s dedication to combating financial crimes and fostering regional and international cooperation.

A Step Forward in Combating Financial Crimes

The EAG is an associate member of the Financial Action Task Force (FATF), comprising nine member states, including China, India, and Russia. By joining as an observer, the UAE will collaborate closely with these nations to enhance global efforts to combat money laundering and terrorism financing.

The UAE already 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).

Expert Contributions and Collaboration

With its new role, the UAE will actively contribute expertise, operational insights, and technical resources to the Eurasian Group. The country’s efforts aim to strengthen regional frameworks against financial crimes while sharing valuable experiences from the Middle East and North Africa.

Khaled Mohammed Balama, Governor of the UAE Central Bank and Chair of the National Anti-Money Laundering and Combatting the Financing of Terrorism Committee (NAMLCTFC), stated:

“This recognition reflects the international community’s confidence in the UAE as a reliable and effective partner. It underscores our commitment to enhancing regional and global cooperation to safeguard the financial system.”

Hamid Saif Al Zaabi, Secretary-General of NAMLCTFC, added:

“Through our observer status, we look forward to supporting EAG initiatives and strengthening national and regional capabilities to combat financial crimes.”

Eurasian Group: A Global Network

Established in 2004, the Eurasian Group includes nine member countries and 16 observers. It operates under the FATF framework, uniting 23 international organizations in its mission to combat financial crimes that threaten economic stability.

Commitment to a Safer Financial Environment

This move aligns with the UAE’s broader objectives of enhancing financial system resilience and contributing to global efforts against money laundering and terrorism financing. By participating in EAG activities, the UAE aims to bolster the impact of regional and international frameworks combating financial crime.