The UK and UAE will ramp up the targeting of those financing terrorism and serious and organised crime gangs as part of a landmark new partnership.
The new first of its kind agreement has been signed by Home Secretary Priti Patel and UAE Minister of State Ahmed Ali Al Sayegh.
The agreement of the UK-UAE Partnership To Tackle Illicit Financial Flows is part of the new, ambitious and strengthened Partnership for the Future between the UK and the UAE as announced by the Prime Minister Boris Johnson and the Crown Prince of Abu Dhabi Mohammed Bin Zayed.
This aims to ensure that the UAE and UK are able to work more closely together to tackle the shared global challenges that we face, and promote prosperity and security for our citizens.
Home Secretary Priti Patel said:
Minister of State Ahmed Ali Al Sayegh said:
The partnership is a concrete articulation of the UK and UAE’s shared ambition to increase co-operation on illicit financial flows. It offers a robust platform to build a stronger and more enduring strategic partnership, advancing the priorities laid out in the UK’s Integrated Review and the UAE’s National Anti-Money Laundering and Counter Terrorist Financing Strategy.
The launch of the Partnership To Tackle Illicit Financial Flows was held in London on Friday (17 September) in a meeting chaired by the Security Minister Damian Hinds.
The partnership will bolster law enforcement by enhancing intelligence sharing and joint operations between the UK and UAE against serious and organised crime networks.
The UK and UAE’s understanding of terrorist financing internationally will also be improved by sharing insight and expertise to help identify and stop terrorist financial flows.
Furthermore the partnership will raise professional standards on countering money laundering with a particular focus on high-risk sectors such as dealers of precious metals and stones, and real-estate as well as emerging technologies such as crypto currencies.
There will be an annual meeting between the Home Secretary and the UAE Minister of State to ensure progress on the partnership’s ambitious objectives.
The partnership follows the UK’s ambitions, made in the Integrated Review, to increase Britain’s co-operation with the UAE on illicit financial flows.