The UAE discusses combating money laundering and terrorist financing with the participation of local and foreign financial institutions

Ahmed bin Ali Mohammed Al Sayegh, Minister of State and Governor of the Central Bank of the UAE Khalid Mohammed Salem Balama Al Tamimi, CEO of the DFSA Brian Stirewalt, and CEO of the Financial Services Regulatory Authority at the Abu Dhabi Global Market Emmanuel Jevanakis chaired two sessions that brought together key regulators and financial institutions to discuss The importance of public-private partnerships in the operation of an evolving international financial crime compliance regime.

The two sessions, which focused on local and foreign financial institutions, discussed combating money laundering and terrorist financing in the UAE and practical measures to improve cooperation between the public and private sectors in this field.

More than 700 people from the private sector gathered to exchange insights and obtain the latest information on the enhanced compliance system for combating money laundering and terrorist financing in the UAE, including the main risk areas for combating money laundering and terrorist financing, regulatory and enforcement developments, and the importance of enhancing public sector participation. and to prevent financial crimes.

The two sessions were attended by CEOs and senior officials of risk and compliance departments from hundreds of leading financial institutions in the UAE along with participants from the Central Bank of the UAE, the Executive Office for Combating Money Laundering and Terrorist Financing, the Ministry of Foreign Affairs and International Cooperation, the Securities and Commodities Authority, and the Dubai Financial Services Authority, Abu Dhabi Global Market, and the Financial Information Unit.

His Excellency Al Sayegh and His Excellency Balama along with other representatives stressed during the two sessions that the aggravation and development of financial crime requires mobilizing the roles, resources and expertise of the public and private sectors... stressing once again that only through concerted efforts by the government, regulatory agencies, law enforcement, the judiciary and financial and non-financial companies, can the UAE The world has to respond effectively to the threat of financial crime.

Companies and government agencies across the UAE have made significant investments in recent years as resources have been allocated to enhance expertise in combating financial crimes and raise the importance of public-private partnerships as part of the comprehensive framework for combating money laundering and terrorist financing.

The UAE aims through its cooperation with internal and external financial institutions to monitor, report and analyze suspicious activities through the Suspicious Activities Reporting System, company records and other information sharing channels. It also reveals the supervisory role of regulated companies to develop an analytical and intelligence compliance system that enables them to: Report suspicious activities to the UAE Financial Intelligence Unit for analysis.

By creating closer links between public and private entities, the UAE can ensure that data from the private sector is accurate, complete and actionable to assist all entities from the supervisory and judicial authorities in their collective efforts to combat illicit financing.


His Excellency Al Sayegh said: "An effective system for combating money laundering and terrorist financing begins with an effective partnership between the public and private sectors.. Banks have achieved an unprecedented level of investment in the development of individuals and the promotion of information technology in the field of combating money laundering and terrorist financing.. The UAE has also invested We will be more effective in protecting the integrity of the domestic and international financial system.. That's why we're having these sessions today.. We want to strengthen the public-private partnership, and we want everyone to know the role The important thing our society plays is to protect it from the threats of money laundering and terrorist financing.”

For his part, Balama said: "We have set our sights on the agenda of combating money laundering and terrorist financing... for the benefit of the UAE economy... The responsibility to strengthen partnerships between the public and private sectors to protect our financial system lies with us and we are pleased to participate in this event that aims to discuss and exchange Views on important topics and trends for the private sector.. We at the Central Bank of the UAE are keen to develop frameworks and regulations to reduce financial irregularities, and I can only stress the importance of continuing this partnership between the two sectors to achieve our common goals.”

On the other hand, Stirewalt said: "Building trust between the public and private sectors is essential in combating money laundering and terrorist financing, so these two sessions come at the right time. The size and complexity of financial crimes has increased in recent times, and the UAE's awareness and understanding of crimes has also increased. This requires concerted efforts and enhanced cooperation between stakeholders in the public and private sectors, especially in world-class financial centers such as the Dubai International Financial Centre.

Awareness sessions were organized in close cooperation with the Executive Office for Combating Money Laundering and Terrorist Financing and the private sector.. The Cabinet, headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, established the Executive Office for Combating Money Laundering and Terrorist Financing, to oversee the Implementation of the National Anti-Money Laundering and Terrorist Financing Strategy, the UAE National Action Plan, and the reform program designed to strengthen the country's financial crime control system.

The responsibilities of the Executive Office include improving coordination and cooperation at the local and international levels on issues related to combating money laundering and terrorist financing, whether at the level of policies or operations, and addressing money laundering and terrorist financing crimes, by working with regional and international groups such as the Anti-Money Laundering and Terrorist Financing Task Force. In the countries of the Cooperation Council for the Arab States of the Gulf, the "Group of Twenty", and the Financial Action Task Force (FATF).. This will be done in coordination with the National Committee for Combating Money Laundering and Financing of Terrorism and the Financing of Illegal Organizations, and the Ministry of Foreign Affairs and International Cooperation.In addition to increasing the intensive exchange of information between law enforcement agencies, supervisory and control agencies and the private sector, as well as studying and developing national legislation in coordination with relevant bodies, to strengthen legal frameworks in the field of combating money laundering and terrorist financing in the UAE, in addition to coordination with the Ministry of Foreign Affairs and International Cooperation. , regarding the follow-up to the completion of the national strategy to combat money laundering and terrorist financing, and the implementation of the recommendations of the Higher Committee in this regard, chaired by His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation.

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