“It highlights the collaborative efforts of various committees, entities, and national bodies, including the Central Bank and the National Committee for Combating Money Laundering, Terrorism Financing, and Financing of Illegal Organizations,” adds Balama, who also chairs the National Anti-Money Laundering and Counter-Terrorism Financing Committee.

“This has led to heightened compliance levels with the country's laws, aligning with global efforts to combat money laundering and terrorism financing, and meeting the standards set by the Financial Action Task Force (FATF),” adds the director of the Anti-Money Laundering Department at the UAE's Ministry.

"Nations must take action to establish measures for detecting the physical cross-border movement of currency and negotiable instruments to combat smuggling," adds Al Jabrin, stressing the need for imposing proper, deterring penalties on individuals who falsify declarations and disclosures.

The three-day conference in Abu Dhabi has brought together officials from around the world to discuss the menace of money laundering and terrorism financing and how to combat it. An official from the UAE's ministry of justice affirmed the need for global partnerships and more direct contact between relevant authorities...

UAE authorities have collected AED3.848 billion ($1 billion) in penalties from anti-money laundering and terrorism financing offenders in 2021. The amount comprised asset seizures worth $625m, fines for non-compliance to anti-money laundering and terrorism financing regulations worth $64m, penalties on major financial institutions in the UAE worth $5.3m, tax evasion...