The Committee against Money Laundering and Terrorist Financing is reviewing recommendations for financial action

Abu Dhabi: “The Gulf”
The National Committee for Combating Money Laundering and the Fight against Terrorist Financing and Illegal Organizations held its fourth meeting, for the year 2022, chaired by Khaled Muhammad Balama, Governor of the Central Bank of the United Arab Emirates – chairperson of the committee, in the presence of committee members and representatives of the relevant authorities.
During the virtual meeting, the National Committee reviewed the latest developments in the implementation of the UAE Action Plan to implement the recommendations of the International Financial Action Task Force (FATF), in addition to the achievements, challenges and decisions issued in this regard.
The National Committee has been briefed on the efforts of its eight sub-committees and the Executive Office to combat money laundering and terrorist financing, their initiatives and achievements within the national action plan. It was also briefed on the progress of the plan through the review of the Executive Office for Combating Money Laundering and Terrorist Financing, performance measurement indicators for the project management system and recommendations for immediate results.
The most prominent achievements include the establishment of specialized working groups to implement the initiatives of the approved national plan, the recommendations of the Financial Action Task Force (FATF), the adoption of the National Guide to Information and Financial Investigations and those involved in money laundering. in connection with. , in addition to the adoption of the guideline on financial sanctions targeting the insurance sector, and the intensification of training programs and organized awareness-raising workshops in this regard by government agencies.
proactive role
Khalid Mohammed Balama said: “We are working to consolidate the proactive role of the UAE as an active country in the face of money laundering and the fight against terrorist financing at international level, through the development of the national system.” a continuous and more effective basis, and the joint efforts of all parties involved, and the mobilization of energy, resources and expertise, whether in the public or private sectors. interactive developments. “
He added: “The achievements, regulations and legal guidelines issued by government agencies and the initiatives they launch on an ongoing basis reflect our tireless efforts to combat financial crime in line with the national strategy to combat money laundering and terrorist financing. They embody also the UAE’s essential and active role in maintaining the stability and integrity of the global financial system. “
national compliance
Hamed Al Zaabi, Director-General of the Executive Office for the Fight against Money Laundering and Terrorist Financing, in turn said: “All work teams in the country are continuing their strategic and operational efforts to improve the efficiency of the money laundering system, to combat terrorists. financing and financing of distribution; Where the Executive Office worked to improve the national compliance system by verifying and following up on the commitment of all stakeholders through the electronic system “PPM Tool”, which helped to measure the performance indicators of the entities with accuracy and high efficiency. measure, in addition to strengthening the strategic partnerships of the country. The Executive Office, in collaboration with the National Committee, the Ministry of Foreign Affairs and International Cooperation and all strategic partners, has worked on an integrated plan to deliver the follow-up report to the country during the current month, which includes the qualitative achievements that continued during the last period.
independent management
Dr. Maryam Butti Al Suwaidi, CEO of the Securities and Commodities Authority, said: “The initiatives and achievements reviewed at the National Committee meeting reflect the UAE’s firm commitment to work on its efforts to ensure the stability and integrity of to maintain, improve the financial. system, and the Securities and Commodities Authority contributes to it through a plan Including; It recently created an independent department instead of a department, within the new organizational structure of the government to oversee and control measures to combat money laundering and the financing of terrorism, in the capital markets sector in the country, as well as to extensive field inspections of licensed companies with the imposition of fines and deterrent fines in case of any shortcomings This is in line with the legal and regulatory framework for combating money laundering and combating the financing of terrorism, and the identification of threats, vulnerabilities and related emerging risks in the country’s capital market sector, which supports the State’s progress in this regard and places it in an advanced position among the leading countries in terms of combating money laundering Money and the terrorist financing.
risk assessment
Counselor Abdullah Ahmed Al-Rashed, Head of the Money Laundering Department at the Ministry of Justice, explained that the ministry’s efforts have led to the achievement of the objectives of the national action plan, which is represented in a number of activities and initiatives, as e.g. such as assessing the risks of the legal profession in the country, and working to improve awareness and training for lawyers to proactively confront crimes Money laundering and terrorist financing to ensure that the legal profession is not exploited in such crimes.
He pointed out that the oversight and inspection plan implemented by the Ministry of Justice on law firms has shown increased awareness by lawyers and their excellent co-operation in implementing requirements and commitments to combat money laundering and combat terrorist financing. .
In turn, Safia Al-Safi, director of the department against money laundering, monitoring and follow-up sector at the Ministry of Economy, confirmed that what has been achieved by the ministry within the framework of the national action plan amounts to more than 80. % of the targets in strengthening the supervisory role on the business sectors and specific non-financial professions subject to the supervision of the ministry, as evidenced by the outputs of the sectoral assessments conducted for each sector; The results of the inspection showed that there is a greater understanding of the private sector for the requirements to combat money laundering and the financing of terrorism, including the appointment of a compliance officer, the application of a risk-based approach, performing customer due diligence procedures, and reporting suspicious activities to the Financial Information Unit.
She indicated that the Ministry of Economy is eager to complete the requirements of the National Action Plan, and to work with all subcommittees of the National Committee to Combat Money Laundering and the Financing of Terrorism and the Financing of Illegal Organizations, And to coordinate and work with the Executive Office to combat Money Laundering and Terrorist Financing in order to implement the National Plan and the Financial Action Group’s recommendations.

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