A new Partnership to Tackle Illicit Financial Flows (PTIFF) has been launched by the UK and the UAE.
The partnership will focus on targeting organised crime and those financing terrorism.
The PTIFF aims to ensure that the UAE and UK are able to work more closely together to tackle the two countries’ shared global challenges and promote prosperity and security.
It aims to bolster law enforcement by enhancing intelligence sharing and joint operations between the two countries against serious and organised crime networks.
Both countries’ understanding of terrorist financing internationally is expected to be improved by sharing insights and expertise to help identify and stop terrorist financial flows.
Trade in metals and stones
The partnership also aims to raise professional standards on countering money laundering with a particular focus on high-risk sectors such as dealers in precious metals and stones, and real-estate as well as emerging technologies such as cryptocurrencies.
There will be an annual meeting between the UK’s home secretary and the UAE minister of state to ensure progress on the partnership’s ambitious objectives.
Categories: Trade Based Financial crimes News