UAE becomes first Arab country to get observer status on Asia-Pacific money laundering

Tags: International News

The United Arab Emirates (UAE) has become the first Arab country to receive observer status in the Asia/Pacific Group (APG) on Money Laundering, a regional body similar to the Financial Action Task Force (FATF).

An Overview of the News

• The UAE is participating as an observer at the plenary session of the APG, which is currently taking place in Vancouver, Canada.

• Obtaining observer status reflects the UAE's commitment to international cooperation in combating money laundering and the financing of terrorism.

• Observer status is awarded to countries that actively and cooperatively combat financial crime, and the UAE has demonstrated this through its participation in organizations such as MENAFATF and other multilateral fora.

• The UAE delegation attending the APG plenary session is led by Hamid Al Zaabi, Director-General of the Executive Office for Anti-Money Laundering and Counter-Terrorism Financing (EO AML/CTF).

• The delegation includes representatives from the UAE Financial Intelligence Unit (FIU) and other government officials.

About United Arab Emirates (UAE)

• Location: It is located in Western Asia.

• Geographical Boundaries: It shares borders with Oman and Saudi Arabia.

• Maritime Borders: It also has maritime borders with Qatar and Iran in the Persian Gulf.

• Religion: Islam is the dominant religion in the UAE, with the majority of the population being Sunni Muslim.

Capital - Abu Dhabi

Official language - Arabic

Government - Federal Islamic parliamentary elective semi-constitutional monarchy

President/Crown Prince - Mohamed bin Zayed Al Nahyan

Prime Minister - Mohammed bin Rashid Al Maktoum

Vice President - Mohammed bin Rashid Al Maktoum and Mansour bin Zayed Al Nahyan