“We have already enacted a federal anti-terror law which has complemented the UAE's efforts in its fight against money laundering" Al Dhaheri told a gathering of top officials from representing finance and economic ministries, law enforcing agencies and bankers, from AGCC, who are participating in a three day conference on "Investigating and prosecuting advanced financial crimes", organised by the Central Bank of the UAE in association with Ministry of Justice and Islamic Affairs and US Justice Department.

Al Dhaheri said that the UAE has already signed 12 conventions and agreements showing its commitment to fight out dirty money, which is a threat to world economy. Speaking on the occasion, US Ambassador to the UAE Michele Sison acknowledged that the UAE had made great strides in the effort to prevent the misuse of financial systems, by money launderers.

"These meetings of the minds are critical to enhancing our understanding of how terrorists and criminals abuse our financial systems.  With increased understanding comes a better ability to prevent such misuse", she said while speaking at the inaugural session of three-day international conference on "Investigating & Prosecuting Advanced Financial Crimes'.

The UN Convention on Countering Terror Finance obligates nations to pass legislation criminalising terror finance. Additionally, the Financial Action Task Force adopted 40 Recommendations to combat money laundering and nine Special Recommendations on Terrorist Financing.  These recommendations provide a framework for countries to establish a comprehensive regime to fight money laundering and terrorist financing.

Given that the money that gets into the hands of terrorists and criminals flows around the world, the only way we will be successful in drying up their financial resources is through continued engagement with each other. 

Mohammed Ali bin Zayed Al Falasi, Deputy Governor Central Bank of the UAE Dr Nasser Al Qaoud AGCC General Secretariat, said that has become a trans-frontier universal phenomenon that has affected most of the world capitals and cities and the difficulty to separate between the terrorist acts and financing there and those of the organised crimes relating to drug and weapon smuggling and money laundering. Therefore, it is imperative to enhance regional and international cooperation in investigating and prosecuting such crimes.

The GCC is continuously making efforts for fighting terrorism and issuing regulation and legislation on relevant financial crimes and developing the bodies in charge of investigation and prosecution in addition to the development of the banking regulation to be in line with the international standards.