The “Economics” and the “Executive Office to Combat Money Laundering” hold a workshop to develop audit standards for company registrations

The Ministry of Economy, in collaboration with the Executive Office for the Fight against Money Laundering and the Fight against the Financing of Terrorism in the country, held an extensive two-day workshop for business registrars in the UAE, numbering 42, and all economic development departments and authorities of non-financial free zones in the country, in order to follow the progress of the implementation of the objectives of The operational plan for company registrars in the country, resulting from the national plan to combat money laundering and terrorist financing combated during the last period.

The workshop was attended by experts from PricewaterhouseCoopers – pwc – the global company specializing in consulting, professional services and auditing.
In this context, Abdullah Sultan Al Fan Al Shamsi, Assistant Deputy Secretary for the Monitoring and Follow-up Sector at the Ministry of Economy and Chair of the Companies Registrar Committee, said that the UAE has made great strides in developing and enabling anti-money laundering laws and legislation during the last period, under the prescriptions of the wise leadership, and in line with The objectives and principles of the fifties, aimed at building a flexible and sustainable economic model that achieves the highest standards of transparency, and emphasizes that the State’s efforts in this direction continue in accordance with international best practices, and in coordination with international partners, in a way that achieves the objectives of the national action plan and is in line with the results of the Financial Action Group.

Hamed Saif Al Zaabi, Director-General of the Anti-Money Laundering and Terrorist Financing Office, in turn said: “Working to develop audit standards in company registration processes is another proactive step taken by the state to counter the money laundering system and raising the level of compliance with the requirements of the Financial Action Task Force, with the aim of supporting the national economy and improving its positive reputation at international level, ”explains this training workshop as a new starting point for auditing companies. ‘Registration mechanisms and auditing of beneficial owner data, in line with the approach adopted by the Ministry of Economy to improve the state’s ability to assess risks and develop guidelines for reporting suspicious transactions .

Safiya Hashem Al-Safi, Director of the Money Laundering Department at the Ministry of Economy, Vice-Chair of the Companies Registrar Committee, said in her speech on behalf of His Excellency Abdullah Sultan Al-Fan Al-Shamsi … the training workshop comes within the framework of the acumen of the Ministry of Economy, in collaboration with its partners at local and global levels. And the private sector, to increase the level of compliance and commitment to international requirements and maintain the status and position of the national economy and its positive reputation in various global markets, and note that the ministry continues to implement its strategic plans in order to achieve the highest standards of financial and commercial control and to confront improper practices in business operations, including It increases the competitiveness of the national economy worldwide.

Al-Safi added that this workshop is a proactive step in reviewing registration and registration mechanisms in line with a risk-based approach, developing guidelines for reporting suspicious transactions, in addition to ways to meet the requirements of the strategic plan to combat money laundering, as well as an opportunity for all registrants to diagnose the challenges they face and find solutions.She guides her according to best experiences and practices, which shortens time and effort, and note note that the workshop represented a platform for interaction and constructive work as a single. national team.

She stressed the continuation of joint work to achieve the goals of the plan with 100%, and to complete all requirements of the results of the Financial Action Task Force “FATF”.
The participants in the workshop discussed ways to verify the level of performance of initiatives and activities included in the provisions of the operational plan for company registrars in the country, which stems from the national strategy to combat money laundering and the financing of terrorism and illegal organizations, and to ensure that each registrar plays his role in implementing the plan and linking it to evidence and proofs, where the importance of the workshop lies.In verifying the extent to which the licensing and registration authorities meet the requirements of combating money laundering and terrorist financing, and diagnosing strengths and weaknesses in order to meet the challenges facing the completion of the country’s national plan, and to ensure an integrated system that complies with the standards of the Financial Action Task Force “FATF”.
The workshop witnessed a specialized explanation of the requirements for mutual evaluation in accordance with the FATF methodology, in addition to an overview of global experiences and practices regarding the classification and assessment of risks and the application of the risk-based approach for registered. achieved for each registrar.
It is noteworthy that the Ministry of Economy has launched an operational work plan for the Committee of Company Registrars in the country in 2021, in collaboration with its partners, to educate all licensed and registered institutions in the country, with the authorities of economic development departments and local licensing authorities, or in non-financial free zones, of the need to provide beneficiary data.The plan has so far completed the registration of data for 96% of companies operating within the state and in non-financial free zones are registered.

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