NEWSBYTE The British government and United Arab Emirates (UAE) have signed a joint initiative to combat international money laundering, terrorist financing, and the illicit movement of funds.

As well as traditional routes for moving criminal funds internationally, such as gold, artworks, of property, the agreement also includes the intention to clamp down on cryptocurrency transfers.

The announcement was made today in Whitehall after Home Secretary Priti Patel and UAE Minister of State Ahmed Ali Al Sayegh signed the agreement on 17 September, at a meeting chaired by new Security Minister, Damian Hinds.

The UK-UAE Partnership to Tackle Illicit Financial Flows is part of a wider plan for the UAE and UK to work more closely together, as expressed in the Integrated Review. It aims to bolster law enforcement by enhancing intelligence-sharing and joint operations between the UK and UAE against organised crime networks.

“The UK and UAE’s understanding of terrorist financing internationally will be improved by sharing insight and expertise to help identify and stop terrorist financial flows,” said the announcement.

“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 cryptocurrencies.”

Ahmed Ali Al Sayegh said, “The UAE stands with the UK in the global fight against illicit finance. We are committed to stamping out terrorist financing and serious and organised crime in all of its forms to protect the UAE and uphold the integrity of the international financial system.”