The UAE has reviewed its ongoing efforts to tackle money laundering and terrorist financing before the country’s submission of a post – observation report to the Financial Action Task Force (FATF) in October, according to state news agency, Wam.

Achievements and challenges related to anti-money laundering and terrorist financing as per the FATF’s recommendations were highlighted at the meeting chaired by Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Co-operation.

The UAE has taken various efforts to curb money laundering as it seeks to raise its global competitiveness by reinforcing justice and transparency. The Central Bank of the UAE also regularly issues guidelines to help companies and individuals assess money laundering risks. The regulator has teamed up with other central banks and financial authorities to fight financial crimes.

The UAE set up a dedicated agency earlier this year to identify money launderers and those suspected of financing terrorists and organized crime.

The FATF is an intergovernmental organization developed by the Group of Seven countries to combat money laundering around the world. The organization’s mandate was later expanded to include terrorist financing.