The National Anti-Money Laundering Committee discusses the developments of the national action plan

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The National Committee for the Fight against Money Laundering and the Fight against the Financing of Terrorism and the Financing of Illegal Organizations held its fourth meeting today, for the year 2022, under the chairmanship of its Excellency Khalid Muhammad Balama, Governor of the Central Bank of the United Arab Emirates, Chairman of the Committee, in the presence of members of the Committee 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 a 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.

His Excellency Khalid Mohammed Balama, Governor of the Central Bank and Chairman of the National Committee, said: “We are working to consolidate the proactive role of the UAE as an active country in confronting money laundering and combating terrorist financing at international level. , By developing the national system on an ongoing and more effective basis, and by combining the efforts of all parties involved, Mobilizing energy, resources and expertise, whether in the public or private sectors, in addition to launching and improving of national initiatives to keep pace with new and interactive developments.

His Excellency added: “The achievements, regulations and legal guidelines issued by government agencies and the initiatives they are constantly launching reflect our tireless efforts to combat financial crimes in line with the national strategy to combat money laundering and terrorist financing, And embodies the UAE’s essential and effective role in maintaining the stability and integrity of the global financial system.

His Excellency Hamed Al Zaabi, Director-General of the Executive Office for Combating Money Laundering and Terrorist Financing, in turn said: “All work teams in the country are continuing their strategic and operational efforts to improve the effectiveness of the money laundering system. , terrorist financing and financing distribution, as the Executive Office worked to strengthen the national compliance system through verification of and follow-up of the commitment of all stakeholders through the electronic system “PPM Tool”, which helped to provide the performance indicators of the entities with high accuracy and efficiency, 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.

In turn, Her Excellency 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 to maintain and improve its stability. . integrity of the financial system, and the Securities and Commodities Authority contributes to this. Through a comprehensive plan, it recently created an independent department instead of a department, within the new organizational structure of the authority to oversee over and control over measures to combat money laundering and the financing of terrorism, in the capital markets sector in the country, as well as to carry out extensive field inspections of licensed companies with the imposition of fines and deterrent fines.In the event of any shortcomings, in line with the legal and regulatory framework for combating money laundering and the financing of terrorism financing, and identifying threats, vulnerabilities and related emerging risks in the country’s capital market sector, reflecting the country’s progress support in this regard and place it in an advanced position below the front. countries in terms of combating money laundering and terrorist financing.

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. as assessing the risks of the legal profession in the country, and working to improve awareness and training for lawyers on proactive confrontation.For money laundering and terrorist financing crimes 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 is more than 80. % of the targets in strengthening the supervisory role on the specific non-financial business sectors and occupations subject to the supervision of the ministry. showed that there is a greater understanding of the private sector of the requirements for combating money laundering and combating the financing of terrorism, including the appointment of a compliance officer, the application of a risk-based approach, the implementation of due diligence procedures for clients, and the preparation of suspicious activity reports to the FIU.

She indicated that the Ministry of Economy is keen 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 Action Group’s National Plan and Recommendations. Fatf “.

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