H.E. Hamid Saif Al Zaabi confirmed that the UAE, in its presidency of the group, intends to propose the launch of a regional initiative to study fraud patterns and related money laundering. Image accompanying the press statement
Press Release
During a recent press conference held alongside the 15th UN Congress on Crime Prevention and Criminal Justice in Abu Dhabi, H.E. Al Zaabi elaborated on a proposed initiative aimed at enhancing understanding of risks associated with fraud and developing cooperation among member states to combat it. This proposal is set to be presented at the group’s next meeting in Abu Dhabi.
Addressing Financial Crime
H.E. Al Zaabi highlighted that the initiative aligns with the UAE’s priorities during its presidency, which focus on enhancing the implementation of international standards and bolstering the efficiency of national systems in combating financial crimes.
The cross-border nature of fraud and its evolving methods, particularly with the increasing use of digital financial services, underline the pressing need for a shared regional understanding of these crimes. This initiative aims to improve early detection tools and enhance coordination among relevant authorities in tracking illicit revenues and combating associated money laundering activities.
Developing a Regional Knowledge Base
The proposed project aims to build a common regional knowledge base that monitors fraud types, methods, and scale within the region. It will facilitate the exchange of case studies and experiences among member states while also developing indicators to identify emerging trends and techniques used in laundering proceeds from fraud.
It seeks to address challenges related to the freezing, seizure, and recovery of criminal proceeds, including those arising from cyber fraud and crimes connected to virtual assets. Additionally, the proposal envisions establishing a regional network of practitioners to strengthen operational cooperation in money laundering investigations and coordination among relevant authorities.
Focus Areas and Implementation
The study’s scope is set to cover several priority areas, including banking and financial fraud, electronic and investment fraud, real estate fraud, transfer fraud via remittance channels, fraud associated with virtual assets and digital trading platforms, as well as trade-based money laundering linked to fraud.
Should the project be approved, its implementation will rely on member states’ participation in data collection, sharing case studies, and reviewing mutual evaluation reports. This collaborative approach will facilitate the analysis of regional patterns and the preparation of specialised reports, drawing on the experiences of the Financial Action Task Force and peer regional groups while considering the specific risk landscapes in the MENA region.
Enhancing Practical Cooperation
H.E. Al Zaabi emphasized that enhancing the understanding of fraud risks is fundamental to developing more effective countermeasures. He underscored the importance of linking knowledge and expertise to practical cooperation, thereby empowering member states to pursue and recover criminal proceeds and safeguard financial systems from exploitation.
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