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AML/CFT joins international effort to combat climate crimes through law enforcement at COP28

He Executive Directorate for the Fight against Money Laundering and the Financing of Terrorism (AML/CFT) of the UAE participates in the international initiative to enforce laws related to climate crimes at the United Nations Climate Change Conference (COP28), its General Manager Hamid AlZaabi saying.

This initiative is led by the Ministry of Interior and the United Nations Office on Drugs and Crime, Al Zaabi aggregate.

In statements on the sidelines of the COP28emphasized that the illicit wildlife trade, a global market valued at approximately $200 billion annually according to the world Bankrepresents a significant threat to biodiversity.

He stressed the additional risks to the green transition arising from corruption, fraud and counterfeit products, and emphasized the need to remain vigilant in addressing these issues.

Al Zaabi He called for redoubling efforts to face the challenges derived from the Fourth Industrial Revolution (4IR) and its associated transformations. These challenges will require strong international cooperation, effective partnerships with the private sector, renewed commitment, adequate resources and prioritization systems that sustainably and continuously combat money laundering and terrorist financing.

Al Zaabi reported that last week he witnessed the inauguration “Risks 4.0” forum as part of Abu Dhabi Financial Week, under the auspices of the Anti-Money Laundering and Financing of Terrorism Office.

He added that the incorporation of such a forum to examine financial crime risks in the context of the 4IR is timely and of great importance for the international community engaged in the fight against financial crimes.

He highlighted the adoption of the term “Fourth Industrial Revolution” by the World Economic Forum to represent the current era of advanced communication, analytics, automation and advanced manufacturing technology.

He noted that financial crimes represent a global scourge that costs the global economy around $2.1 trillion, equivalent to or exceeding the annual gross domestic product of large economies and G20 nations.

Al Zaabi He also highlighted that this alarming figure excludes the enormous sums lost to corruption, tax evasion and cybercrime. He emphasized the great harm inflicted by criminal activities, ranging from drug and human trafficking to environmental crimes driven by climate change.

“The critical question we must face now,”

Al Zaabi declared,

“The question is whether the Fourth Industrial Revolution will exacerbate the dangers of financial crime or serve as a force multiplier in the fight against it. The security of the global financial system is at stake, along with the health of our economies and the fundamental right of citizens. live free from crime.”

Al Zaabi He stressed that collaborative efforts, as exemplified last week “Risks”forum, are key to mitigating the risks of the 4IR and unlocking its immense development and investment potential.

He added that the Fourth Industrial Revolution is characterized by three key transformations in technology, energy and the global system, noting that these three transformations evidently have a tangible impact on how financial crimes are committed and how they are countered.

He noted that the world is witnessing a major technological shift, with the adoption of new payment systems and the innovation of online financial products, such as “buy now, pay later” services, metaverses and virtual assets, each which contributes to transforming the financial system.

He highlighted that the response to these transformations has been at the required level, as indicated by a study carried out by Juniper Research estimates that global spending on software that provides tools to prevent financial crimes will exceed $28.7 billion in 2027, compared to $22.1 billion in 2023.

Al Zaabi He noted that new technologies, while offering valuable tools for law enforcement, also present opportunities for criminals, as evidenced by the recent increase in cybercrime against businesses and individuals. He emphasized that AI, virtual reality and machine learning, despite their dual nature, can be leveraged if used strategically.

He noted that global efforts have begun to bear fruit, particularly in the cryptocurrency space. According to the “Chainalysis” platform, cryptocurrency flows to known illicit entities decreased by 65% ​​between January and July of this year compared to the same period in 2022.

News source: Emirates News Agency

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