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UAE and France Strengthen Cooperation to Boost International Economic Security

The United Arab Emirates (UAE) and France are making significant strides in strengthening their collaboration to combat financial crimes and boost international economic security. A high-level delegation from the UAE recently visited Paris, led by the General Secretariat of the National Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations Committee (NAMLCFTC), to discuss expanding their cooperation. This mission highlights both nations’ commitment to working together to address the challenges posed by financial and organized crimes. It is part of the UAE’s broader National Strategy 2024-2027, aimed at enhancing efforts to fight money laundering and other illicit financial activities, ensuring better economic security globally.

The UAE has taken proactive measures to align its strategies with international standards on anti-money laundering (AML) and combating the financing of terrorism (CFT). Hamid Saif AlZaabi, Secretary-General of the General Secretariat and Vice Chairman of NAMLCFTC, emphasized the UAE’s active role in strengthening global AML/CFT efforts. He explained that the UAE’s strategic objectives in tackling financial crime are closely aligned with those of international bodies, ensuring the country remains a strong partner in promoting financial security worldwide.

During the discussions in Paris, AlZaabi emphasized that France is one of the UAE’s largest trade partners, and vice versa, making it essential for both nations to strengthen their partnership to address illicit financial flows. “This visit is part of our commitment to and belief in the importance of fostering international cooperation and exchanging expertise,” AlZaabi said. He also noted the necessity of enhancing collaboration with other key partners, including ministries such as the Treasury, Justice, and Interior, as well as various law enforcement agencies.

Strengthening Bilateral Relations with France

The UAE’s growing partnership with France is based on shared economic interests and a mutual commitment to reducing financial crimes. Fahad Saeed Al Raqbani, the UAE Ambassador to France, highlighted that this visit marked a milestone in reinforcing the strategic relationship between the two countries. He reiterated the importance of deepening cooperation in areas such as countering global organized crime, combatting drug trafficking, and mitigating shared financial security risks.

The UAE’s approach to combating financial crime is comprehensive and multifaceted, incorporating technical discussions on best practices with French counterparts. Al Raqbani mentioned that the UAE has embraced international best practices in AML/CFT, emphasizing that the country’s diverse economy, driven by technological advancements and innovation, makes it an attractive destination for foreign investment.

Collaborative Efforts to Combat Emerging Financial Threats

In addition to enhancing bilateral relations with France, the UAE has been actively involved in forging strategic partnerships with other global players to counter emerging financial crime threats. A prime example of this is the signing of a Memorandum of Understanding (MoU) between the UAE’s General Secretariat of NAMLCFTC and the Italian Guardia di Finanza in December 2024. This MoU aims to foster international cooperation in the fight against illicit financial activities such as money laundering and tax evasion.

The signing of this MoU was a significant step in building a global network of countries working together to ensure financial systems remain secure and protected from criminal activities. Hamid Saif AlZaabi, who signed the agreement on behalf of the UAE, stressed the importance of setting a global benchmark for international cooperation. “Together, we aim through this MoU to set a global benchmark for international cooperation, ensuring that financial systems are safeguarded from illicit activities,” he said.

Key Areas of Focus in UAE-France Cooperation

The UAE and France’s discussions during this mission primarily focused on enhancing cooperation in several key areas:

Combating Global Organised Crime: Both nations acknowledged the need to collaborate on addressing the challenges posed by transnational organized crime. By sharing intelligence and best practices, they aim to dismantle criminal networks involved in money laundering and other illicit activities.
Counteracting Drug Trafficking: Another critical area of focus is drug trafficking, which often serves as a significant source of illicit financial flows. The UAE and France have pledged to work closely on disrupting drug trade networks that contribute to financial instability.
Mitigating Shared Risks: The UAE and France have agreed to strengthen joint efforts to address common risks, including those stemming from financial crime, terrorism financing, and other threats to economic stability.

The continued exchange of knowledge and expertise between the two countries is expected to lead to more effective strategies and initiatives to tackle financial crimes on a global scale.

Conclusion: Strengthening Global Economic Security Through International Collaboration

The UAE and France’s commitment to combating financial crimes and enhancing international economic security marks a significant milestone in their growing bilateral relationship. As both nations continue to collaborate on fighting illicit financial flows, they are setting an example for other countries to follow in the global fight against financial crime. By leveraging each other’s strengths and resources, the UAE and France aim to create a more secure global financial system, mitigating the risks posed by money laundering, terrorism financing, and organized crime.