The UAE is an active country in the face of global money laundering

Abu Dhabi (Etihad)
His Excellency Khalid Muhammad Balama, Governor of the Central Bank and Chairman of the National Committee for Combating Money Laundering and Combating the Financing of Terrorism and the Financing of Illegal Organizations, said the UAE was working to play a proactive role as’ consolidate an active country in the face of money laundering and the fight against terrorist financing at international level, by constantly developing the national system. And more effectively, and the joint efforts of all parties involved, and the mobilization of energy, resources and expertise, whether in the public or private sectors, in addition to the introduction and improvement of national initiatives in line with new and interactive developments.
During the meeting of the National Committee for Combating Money Laundering and Combating the Financing of Terrorism and the Financing of Illegal Organizations, His Excellency added: “The achievements, regulations and legal guidelines issued by government agencies and the initiatives taken by launching them constantly reflects our relentless efforts in combating financial crimes in line with the national strategy to combat money laundering and terrorist financing. It embodies the UAE’s vital and active role in maintaining the stability and integrity of the global financial system. “

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.

FATF recommendations During the virtual meeting, the National Committee reviewed the 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 approved national plan initiatives, the recommendations of the Financial Action Task Force (FATF), the adoption of the National Guide to Information and Financial Investigations and those related to money laundering. hold, in addition to the adoption of the guideline on financial penalties aimed at the insurance sector, and the intensification of training programs and organized awareness workshops In this regard by government agencies.

work teams
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. funding and funding distribution, as the Executive Office worked to strengthen the national compliance system by verifying the And following the commitment of all parties involved through the electronic system “PPM Tool”, which helped the performance indicators of the authorities 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 been working 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, the dr. Maryam Butti Al Suwaidi, CEO of the Securities and Commodities Authority, said: “The initiatives and achievements reviewed during the National Committee meeting reflect the UAE’s firm commitment to work to improve its efforts to maintain stability and integrity. of the financial system, and the Securities and Commodity Authority contributes to this through a comprehensive plan, as it has recently created an independent department instead of a department, within the new organizational structure of the authority to oversee and control over measures to combat and combat money laundering. 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 penalties and deterrent fines if any any shortcomings. ”

work plan
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.

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