Minister of Economy and Tourism and Governor of Palestine Monetary Authority discuss cooperation in AML/CFT efforts

H.E. Bin Touq briefs Palestinian side on UAE’s leading legislative and regulatory framework to combat money laundering

Abu Dhabi, 29 July 2025:

H.E. Abdulla bin Touq Al Marri, Minister of Economy and Tourism, met with H.E. Yahya Shunnar, Governor of the Palestine Monetary Authority and Chairman of the National Committee for Anti-Money Laundering, to explore new avenues for enhancing economic and development cooperation, particularly in the area of financial crime prevention systems. The meeting was also attended by H.E. Safia Al Safi, Assistant Undersecretary for the Commercial Control and Governance Sector at the Ministry.

During the meeting, both sides reviewed the latest global developments in combating financial crimes and discussed the growing risks that money laundering poses to economic stability and the integrity of financial systems. H.E. Bin Touq highlighted the UAE’s pioneering efforts in this area, sharing insights into the country's continuous work to enhance and modernize its legislative and regulatory frameworks. He emphasized that these reforms have played a critical role in bolstering compliance with international laws and standards across the UAE’s markets.

H.E. Bin Touq emphasized that boosting UAE-Palestine cooperation across economic and developmental domains is a key priority guided by the vision of the UAE’s wise leadership. He said: "The UAE has built a globally recognized and leading model for combating financial crime. Our consistent efforts have bolstered the UAE’s global standing as a safe, stable, and competitive economy. As a result, the country has been removed from the Financial Action Task Force (FATF) grey list, and more recently, from the European Parliament’s list of high-risk third countries for money laundering and terrorism financing." He reiterated the Ministry’s readiness to share the UAE’s expertise to support the efforts of the Palestinian Authority in this critical field.

The meeting also reviewed the Ministry’s progress in developing the National Economic Register (NER), which now stands as the UAE’s largest digital platform for unified and verified commercial license data. The register integrates requirements related to Ultimate Beneficial Ownership (UBO) in line with international standards, and enhances oversight of Designated Non-Financial Businesses and Professions (DNFBPs), including real estate brokers and agents, dealers in precious metals, independent accountants and auditors, and corporate service providers.

Both sides reaffirmed their commitment to strengthening cooperation and aligning efforts in sharing global best practices for regulatory and supervisory frameworks to combat money laundering. They further emphasized the importance of specialized training programs aimed at developing skilled human capital capable of proactively detecting and addressing evolving financial crime patterns - an essential step in safeguarding financial integrity and reinforcing confidence in both countries’ economic systems.