Sheikh Abdullah chairs meeting to oversee strategy to combat terror financing

Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, chaired the 12th meeting of the Higher Committee Overseeing the National Strategy to Combat Money Laundering and Terrorist Financing.

Sheikh Abdullah and members of the committee were briefed on the progress made by the authorities with regards to combating money laundering and terrorist financing, in addition to the targeted actions and reforms being undertaken in the coming period in preparation for the submission of the UAE’s post observation period report to the Financial Action Task Force (FATF) in October 2021.

During the meeting, the Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) gave a presentation on the advancements made within the country’s assessment file with regards to the FATF; the latest developments in the implementation of the national action plan to combat money laundering and terrorist financing, and the most prominent achievements and challenges related to meeting various targets related to FATF recommendations and reflecting it in the UAE’s report as highlighting the efforts of all bodies and task forces in the country.

The Committee was also briefed on national initiatives and projects recently adopted by the National Committee for Combating Money Laundering and the Financing of Terrorism (AML/CFT). The Committee also welcomed the decision to adopt the general framework for the regulation of virtual assets at the state level, which aims to provide a legislative and supervisory mechanism to reduce the risks of money laundering and terrorist financing associated with virtual assets in light of the increasing global recognition and investment in these assets.

The meeting was attended by other ministers and top government officials.

Source: Khaleej Times