The UAE participates in a regional meeting on… "Asset recovery"
Abu Dhabi, April 30, 2024 – A delegation from the United Arab Emirates participated in a multilateral meeting to consult on establishing a joint asset recovery network, hosted by the Egyptian Anti-Money Laundering Unit in Cairo, in the Arab Republic of 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 Middle East and North Africa Financial Action Task Force (MENAFATF) and the German International Cooperation Agency (GIZ), to discuss the establishment of an inter-agency network for asset recovery in the Middle East and North Africa (MENA-) region. ARIN).
The UAE delegation was headed by His Excellency Hamid Al Zaabi, Director General of the Executive Office to Combat Money Laundering and Terrorist Financing. The delegation included representatives of the Ministry of Justice, the Ministry of Interior, the Federal Public Prosecution, and the Public Prosecution of the Emirate of Dubai.
The meeting discussed the proposal to establish a regional asset recovery network with the aim of enhancing international cooperation in issues related to the confiscation of illicit proceeds. These regional networks around the world cover the regions of Western Europe, North America, Asia Pacific, the Caribbean, Eastern Africa, South America, Eastern Europe and Central Africa, while a similar network has not been established in the Middle East and North Africa region, which negatively affects asset recovery and compliance with international standards in this regard. The matter.
His Excellency Hamid Al Zaabi delivered a keynote speech in which he stressed the UAE’s support for the initiative and its importance in light of the efforts made by the UAE to combat the crimes and risks of money laundering and terrorist financing.
His Excellency added: “The United Arab Emirates has made the confiscation of illicit assets a strategic priority, as many competent authorities work side by side to confiscate illicit proceeds obtained from criminal activities. The government has adopted procedures that allow the identification, tracking, and evaluation of property subject to confiscation, through the powers Granted to entities in accordance with the country’s laws and legislation. This is an important part of combating money laundering and terrorist financing in the UAE, since the recovery of illicit assets helps deter financial criminal activity by transforming it into a high-risk, low-reward activity, and given the global nature of financial crimes, it is considered a recovery “Assets are a strategic issue at the local and international levels, which means that establishing a regional network will add great value to the efforts of the UAE and its partners in this field.”
The meeting adopted a proposal from the state regarding the formation of the founding team and the work mechanisms related to establishing the network and its procedures. The meeting included more than 60 representatives from the Financial Action Task Force countries for the Middle East and North Africa, in addition to representatives of the United Nations Office on Drugs and Crime, the German International Cooperation Agency, and a number of representatives of regional networks for asset recovery in America, Europe and Africa.
The UAE is one of the world’s leading countries in asset recovery in terms of percentage of total estimated financial crimes. From December 2021 to June 2023, UAE law enforcement authorities opened 583 cases resulting in the conviction of 1,898 people (1,501 natural persons and 397 legal persons), and the confiscation of approximately 5.4 billion UAE dirhams (equivalent to $1.4 billion).
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