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UAE becomes observer in Asian money laundering group

The move follows the UAE being added to a financial watchdog’s list of countries with deficiencies in countering money laundering.
Dubai's Stock Market Exchange is pictured on a skyscraper.

The United Arab Emirates announced on Wednesday it achieved observer status in an Asian anti-money laundering group as the Gulf state seeks to boost its compliance on the issue following scrutiny.

The UAE was granted observer status in the Asia/Pacific Group on Money Laundering. As such, the UAE will participate in the group’s forum being held in Vancouver, Canada, the official Emirates News Agency reported.

The forum began on Sunday and will conclude on Friday, according to the Asia/Pacific Group. The organization did not immediately confirm the UAE has been granted observer status.

The UAE’s delegation to the forum will be led by Hamid Al Zaabi, who heads the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing, according to the Emirates News Agency.

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