United Arab Emirates seeks to tighten anti-money laundering and terror financing measures

The UAE’s National Committee for Combating Money Laundering and Financing of Terrorism and Illegal Organisations (NAMLCFTC) has urged financial sector regulators and law enforcement agencies to tighten their procedures to combat money laundering and terror financing.

A meeting of the NAMLCFTC chaired by Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE) and Chairman of the NAMLCFTC urged regulators update their internal procedures and systems, based on a guidance paper introduced by the NAMLCFTC to strengthen public institutions’ roles in checking money laundering and terror financing.

“Effectively responding to the threat of financial crime, notably money laundering and terrorist financing, requires a concerted effort and the mobilisation of the public and private sectors’ collective resources and expertise. As such, the UAE is strengthening its cooperation with local and international financial institutions to swiftly monitor and report any and all activities deemed suspicious,” said Balama.

The guidance paper clarifies the implementation of Cabinet Resolution No. (74) of 2020 concerning the list of terrorists and implementation of UN Security Council decisions relating to preventing and countering financing terrorism and leveraging non-proliferation of weapons of mass destruction, and the relevant resolutions.

UAE’s efforts (to fight money laundering and terror funding) include the provision of violations, fines, reports of suspicious transactions submitted to the Financial Intelligence Unit (FIU), as well as cases, confiscations, and requests for cooperation with international stakeholders.

Moreover, the NAMLCFTC discussed the assessment of the business processes, challenges and recommendations outlined by the supervisory authorities and the FIU to implement the National Committee’s decision regarding counter measures towards transactions relating to high-risk countries.

The meeting also discussed the public and private sector partnership in combatting money laundering and the financing of terrorism, following the formation of a dedicated subcommittee on the same. The NAMLCFTC also reviewed several working papers within this area.

Source: Gulf News