abu dhabi: The AML/CFT Partnership Forum (ACPF), the UAE's initiative for combating financial crimes, has published a thematic review paper focused on environmental crime and its implications for the UAE's financial system.
According to Emirates News Agency, the report, prepared by ACPF and its Environment Working Group, examined illicit activities like wildlife trafficking, illegal mining, waste dumping, and trade in prohibited chemicals, which are generating complex financial flows intersecting with money laundering and organised crime.
The ACPF is hosted by the General Secretariat of the National Anti-Money Laundering and Combatting the Financing of Terrorism and Proliferation Financing Committee (NAMLCFTPFC). It serves as a platform for strategic dialogue and collaboration between authorities and the private sector. The paper offers global typologies, red-flag indicators, and practical guidance to help entities identify and disrupt the proceeds of environmental crime.
The report emphasizes coordinated action between regulators, law enforcement, and industry to protect the environment and the integrity of the financial system. It outlines key performance indicators and timelines for stakeholders to address identified risks.
Hamid AlZaabi, Secretary-General and Vice Chair of the NAMLCFTC, noted the paper's role in preventing financial systems from being exploited by environmental crimes, which undermine sustainable development. He highlighted the roadmap it provides for collective action and cooperation among authorities and the private sector to reinforce accountability.
Mohamed Shalo, Chair of the ACPF, emphasized that environmental crime is a fast-growing form of transnational organised crime affecting ecosystems, public health, and security. He stressed the importance of preventing financial misuse to enable these crimes, a priority for the UAE's open trade and financial systems.
Collin Lobo, Regional Head of Financial Crime at HSBC MENAT and Chair of the Environmental Working Group, pointed out the scale of the illicit economy driven by environmental crime and the need for a robust financial sector defense. The review offers insights and recommendations to counter this threat and foster a secure and sustainable future.
The thematic review supports the UAE's National AML/CFT/CPF Strategy and preparations for its mutual evaluation. It addresses crimes threatening sustainable development and economic security. The General Secretariat urged financial institutions and stakeholders to integrate the findings into risk assessments and reporting frameworks.