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US, UAE officials discuss financial crimes

The UAE will introduce a 15% tax on corporate profit from Jan 2025.
  • Officials from both the countries reiterated their commitment to the continued dialogue between the two sides.
  • They agreed to exchange respective experiences on efforts pertaining to Virtual Assets and Virtual Asset Providers (VASPs), supervisory efforts.

ABU DHABI, UAE – The US Department of the Treasury’s Under Secretary for Terrorism and Financial Intelligence Brian Nelson led a two-day treasury delegation visit to the UAE to discuss  AML/CFT matters and areas of joint cooperation.

The two sides discussed a range of topics of mutual interest pertaining to Anti-Money Laundering (AML)/Combating the Financing of Terrorism (CFT)  in which both governments have witnessed significant advances.

Officials from both the countries reiterated their commitment to the continued dialogue between the two sides under the umbrella of the UAE-US Working Group on AML/CFT.

They agreed to exchange respective experiences on efforts pertaining to Virtual Assets and Virtual Asset Providers (VASPs), supervisory efforts, gold smuggling, and measures undertaken by Law Enforcement Agencies (LEAs) and the Financial Intelligence Unit (FIU) in targeting illicit finance risks.

US officials recognized the UAE’s efforts to strengthen its policies and enforcement mechanisms in the fight against financial crime and illicit money flows.

UAE and US officials also discussed enhancing cooperation in the field of combating money laundering and terrorist financing at the local and international levels and discussed ongoing sanctions programs and associated designations of key networks around the world.

The two sides underscored their commitment to work closely in this regard.

Bilateral efforts pertaining to food security assistance, global inflation and climate-related initiatives were also discussed.