UAE, UK enhance collaboration to combat illicit financial flows

Ahmed Al Sayegh, UAE Minister of State, met with the Honourable Dan Jarvis MP, UK Minister of State for Security, in Abu Dhabi, to discuss the UAE-UK partnership to tackle illicit financial flows.

The meeting brought together senior representatives from both nations to discuss key areas of cooperation, including financial security, anti-money laundering measures, and emerging risks in the global financial system.

During the discussions, both parties underscored their shared commitment to promoting transparency, strengthening regulatory frameworks, and upholding international standards in the fight against financial crimes. They highlighted the critical role of joint initiatives and knowledge exchange in building a resilient and secure financial ecosystem.

Meanwhile in October 2024 Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, met with Dr. Abdelhakim Shibli, Minister of Finance of the Hashemite Kingdom of Jordan, at the Ministry’s office in Dubai.

The meeting focused on exploring ways to enhance cooperation in the financial sector and other areas of mutual interest between the two fraternal nations.

Al Hussaini emphasised the strong fraternal ties between the UAE and Jordan, noting the decades-long collaboration spanning economic, social, and cultural sectors.

Dr. Shibli commended the strength of the financial and economic relations between the UAE and Jordan, expressing his aspirations to deepen collaboration in the financial sector in a manner that serves the shared interests of both nations.

Last week the UAE Accountability Authority (UAEAA) has signed a Memorandum of Understanding (MoU) with the Independent Commission Against Corruption (ICAC) of the Hong Kong Special Administrative Region, as part of its efforts to strengthen international cooperation in combating corruption and enhancing governance and transparency systems.

According to a press release issued, the memorandum was signed during an official visit to the UAEAA’s headquarters in Abu Dhabi, where Humaid Obaid Abushibs, Chairman of the UAE Accountability Authority, welcomed a delegation from the commission led by Danny Woo. Woo also toured the UAEAA’s training facilities and gained insights into its work.

The MoU provided a robust framework for future joint efforts. By pooling together the two Authorities’ expertise and resources, the ICAC and UAEAA could amplify the impact in the global fight against corruption.

The two authorities will embark on joint initiatives, including training courses, as well as conferences and seminars.

The two parties discussed ways to exchange expertise in safeguarding integrity and combating transnational corruption crimes, in addition to reviewing best practices in protecting and ensuring the sustainability of public resources.

This agreement reflects the UAE Accountability Authority’s commitment to strengthening integration with leading global regulatory bodies and benefiting from successful experiences in tackling corruption practices.

It reinforces the UAE’s position as an advanced hub for adopting the best standards in governance and transparency.

In October 2024, a delegation from the UAE’s Accountability Authority (UAEAA) has concluded an official visit to the Republic of Korea, during which they explored enhancing cooperation in public oversight, auditing, and combating corruption.

As part of the visit, Humaid Obaid Abushibs, Chairman of the UAEAA, signed a Memorandum of Understanding (MoU) with Choe Jaehyoeng, Chairman of the Board of Audit and Inspection of the Republic of Korea (BAI), marking a significant step towards strengthening institutional cooperation between the two sides.

Abushibs also held several meetings with senior officials in the Republic of Korea, including Ryu Chul Whan, Chairperson of the Anti-Corruption and Civil Rights Commission, to discuss future cooperation prospects and the exchange of expertise in shared fields.

Earlier the UAE Accountability Authority (UAEAA) and the Economic Security centre of Dubai (ESCD) signed a Memorandum of Understanding (MoU) in 2024, aiming to enhance strategic cooperation in the fields of integrity and the protection of public resources.

The MoU was signed by Mohammed Rashid Al Zaabi, Head of the Control and Audit Sector at the UAEAA, and Faisal Yousuf Sulaitin, Executive Director of the ESCD.

The memorandum, signed at the authority’s headquarters in Abu Dhabi, aims to provide a joint framework focused on addressing financial and administrative violations and exchanging expertise and information between the two parties.

This cooperation aligns with the vision of the wise leadership, which emphasises the importance of coordination to prevent practices that could harm the national economy.