In a bid to curb illicit financial activities, UK Security Minister Dan Jarvis has reaffirmed the country’s commitment to working closely with the UAE. He emphasized that collaboration between law enforcement agencies and financial institutions is crucial in dismantling the networks that facilitate money laundering.
Strengthening the UK-UAE Partnership
The UK and UAE have been intensifying their efforts to combat financial crime through the Combined Anti-Money Laundering Operational Team (Camlot), an initiative established in 2021. This strategic partnership aims to track and dismantle the financial infrastructure supporting organized crime and illicit financial flows between the two major financial hubs—London and Dubai.
During his first official visit as Secretary of State for Security, Mr. Jarvis met with senior officials from Dubai Police, underscoring the UK government’s dedication to tackling illicit finance. “The UK greatly values its relationship with the UAE. With the number of Britons in this region at any given time, it is essential to nurture and strengthen our partnership,” he stated.
The Global Impact of Money Laundering
The challenge of money laundering is vast, with the UN Office on Drugs and Crime estimating that between 2% and 5% of the global GDP—approximately $742 billion to $1.8 trillion—is laundered annually. Given the significant role that London and Dubai play in global finance, cooperation between the two nations is imperative to address the issue effectively.
Multi-Agency Collaboration for Effective Action
The Camlot initiative brings together key agencies, including the UK’s National Crime Agency (NCA), the National Economic Crime Centre, and the UK Financial Intelligence Unit. On the UAE side, the Ministry of Foreign Affairs and the Federal Authority for Identity, Citizenship, Customs, and Port Security are actively engaged.
“Dubai and London serve as major financial hubs, making it a shared responsibility to eliminate money laundering activities,” Mr. Jarvis said. “Success in this area depends on strong partnerships, not only between governments but also with the private sector. Banks and financial institutions are crucial allies in this fight.”
Judicial Cooperation and Milestones
A significant achievement in the UAE’s efforts to strengthen its financial oversight was its removal from the Financial Action Task Force’s grey list in 2023. The country was initially placed on the list in 2022 due to concerns over its monitoring of financial flows. However, concerted efforts to tighten regulatory frameworks and enhance enforcement measures have led to significant improvements.
The latest discussions between Mr. Jarvis and Ahmed Al Sayegh, the UAE’s Minister of State, mark another milestone in the ongoing collaboration between the two nations. Their commitment to enhancing intelligence-sharing, strengthening legal frameworks, and fostering public-private sector cooperation signals a determined approach to tackling financial crime on a global scale.
By deepening these ties, the UK and UAE reaffirm their role as leaders in the fight against money laundering, ensuring that international finance remains transparent, secure, and free from criminal influence.