UAE takes Active Role in eliminating the Financial Sources of Terrorism
- 3 May 2014
At its 12th session of the 3rd ordinary term of the 15th legislative chapter, the Federal National Council approved draft amendments to “Federal Law No. 4 of 2002 Regarding Criminalization of Money Laundering” to become “Federal Law No. 4 of 2002 Regarding Anti-money Laundering and Counter-Terrorism Financing,” in a step that confirms the UAE’s commitment to eliminating the financial sources of terrorism, with money laundering operations being the world’s most important source. It also confirms the readiness of the UAE government to modernize its legislative framework to confront the financing of terrorism in order to address all developments in this regard, in particular the frequent change of tactics that terrorist groups undertake for the financing of their operations to avoid detection. Therefore, there is a need to maintain constant awareness of such tactics at the legislative level to block the forces of terror and violence, and prevent them from taking advantage of the banking system for the use of elicit funds to finance terrorist operations. Moreover, the existence of a tight legislative framework concerning money laundering and the financing of terrorism provides protection to the banking system, as H.E. Sultan Bin Nasser Al Suwaidi, Governor of the UAE Central Bank, clearly indicated after the Federal National Council approved the latest draft.
The UAE has been proactive in working to drain the financial sources of terrorism, and a number of years back it undertook several actions at various levels to achieve this goal, particularly with regard to the development of an appropriate and effective legislative framework for clamping down on money laundering and other methods of financing terrorism, as well as the forces behind it. There is no doubt that the issuance of the recent draft law by the Federal National Council was very timely, given the changes in the region and the world in recent years, which have led to the emergence of many extremist forces and terrorist groups that seek funding for their activities and the use of bogus identities to avoid detection.
The UAE’s interest in providing a legal framework that can block the sources of terrorist funding, and its commitment to the ongoing revision of its legislation regarding this issue, clearly confirm that it is a responsible country which understands the nature of the challenges facing international stability. The UAE works at all levels in order to take an effective part in confronting such challenges, and confirms the country’s firm position in countering terrorism as one of the greatest threats to global security.