October 23, 2021
  • October 23, 2021

Emirates News Agency – UAE AML / CFT Expert Group Deepens Engagement with 14 Countries Over Last Month

By on October 3, 2021 0

ABU DHABI, October 3, 2021 (WAM) – The United Arab Emirates Panel of Experts on Combating Money Laundering and Terrorist Financing (LAB / CFT) continued to hold productive meetings with key partners to discuss AML / CFT issues.

From July to mid-September, the expert group met its counterparts from Argentina, Brazil, China, Hong Kong (Special Administrative Region, China) (SAR), India, Israel, Italy, Malta, Mexico, New Zealand, Singapore, Sweden, the United States and the United Kingdom. These meetings built on previous meetings held with other key partners, including Saudi Arabia, the Gulf Cooperation Council (GCC), the European Commission (EC) and Russia.

In recent meetings, detailed discussions have taken place on a series of AML / CFT reforms adopted as part of the UAE’s ongoing plans to put in place a sustainable AML / CFT framework, particularly with regard to thematic and sectoral risk assessments; the beneficial ownership regime of the United Arab Emirates; money laundering investigations and prosecutions; and the importance of equipping the public and private sectors with the necessary tools to strengthen UAE defenses and compliance controls on financial crime. In addition, the discussions highlighted the implementation of the UAE National Action Plan (NAP) and the ongoing work of the Senior National AML / CFT Strategy Oversight Committee, AML Executive Board / FT and the National AML / CFT Committee on the coordination of the UAE’s approach to strengthen its AML / CFT framework.

Evidence of the UAE’s recent efforts was demonstrated throughout the meetings. Important milestones were highlighted, including the recent establishment and meetings held by the Public-Private Partnership Committee, which brings together 16 government agencies and private sector institutions in a dynamic coalition to sharpen the UAE’s collective attention on improving the investigation and prosecution of financial crimes through intelligence sharing and analysis.

International cooperation also remained high on the agenda of the meetings. Examples of ongoing cooperation with international partners were relayed by the Ministry of Justice (MoJ), the Ministry of Foreign Affairs and International Cooperation (MoFAIC), the Financial Intelligence Unit (FIU), the Ministry of Interior (MoI), supervisory authorities and law enforcement agencies.

Most importantly, the meetings provided an important opportunity to learn from UAE partners in adopting AML / CFT best practices in line with global and regional threats posed by illicit financing.

Amna Fikri, Director of the Department of Economic and Commercial Affairs at MoFAIC, said: “It is a privilege to explain the significant progress made to our international partners, with whom we are committed to work closely as we seek to preserve the integrity of the international financial system. In doing so, we will continue to accelerate our capabilities to detect, investigate and understand money laundering and terrorist financing risks while advancing our financial crime compliance frameworks in the United Arab Emirates and ensuring their resilience and long-term sustainability. ”

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