The launch of the Executive Office to Combat Money Laundering and Terrorist Financing

The Ministry of Foreign Affairs and International Cooperation announced the official launch of the Executive Office to Combat Money Laundering and Terrorist Financing, which aims to strengthen the country's financial crime-fighting system and its responsibilities and tasks.

The Director General of the Executive Office for Combating Money Laundering and Financing Terrorism, Hamid Al-Zaabi, said during a media briefing that the Council of Ministers headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, earlier this year, agreed to establish the Executive Office to Combat Money laundering and terrorist financing, based on a proposal from the Supreme Committee headed by His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and today marks the official launch of the Executive Office.

Al-Zaabi said, "In light of the wise vision of the supreme leadership, and the directives of His Highness the Chairman of the Supreme Committee to Supervise the National Strategy to Combat Money Laundering and Terrorist Financing, the UAE takes its main role in protecting the integrity of the global financial system with the utmost seriousness and professionalism, noting that with the increase in the volume and complexity of financial crimes, The UAE's awareness of it and its understanding of its reasons and dimensions increased.

He affirmed the state’s commitment to take the necessary measures in this regard, as the Executive Office will work to strengthen the taking of these measures to address money laundering and terrorist financing crimes, and to enable the relevant institutions to effectively implement these measures.

"The Executive Office is a reflection of the high-level commitment to establish and operate an advanced compliance system, and to take all measures that contribute to reducing financial crime by all relevant authorities in the UAE," he added.

The Executive Office will act as the main national coordinating body for anti-money laundering and terrorist financing efforts within the UAE, as the office has a broad mandate to help all concerned parties to enhance their efficiency and effectiveness in implementing the national action plan and achieving its goals, by empowering the state and preparing better to build a strong structure And sustainable to combat money laundering and terrorist financing.

The Executive Office has the following responsibilities: Protecting the integrity of the financial system in the UAE, and combating those who abuse it by illegal means.

Al-Zaabi pointed out that the Central Bank recently imposed financial sanctions on 11 banks for their failure to achieve adequate levels of compliance frameworks for countering money laundering.

The office will also increase coordination and cooperation at the local and international levels on matters related to combating money laundering and terrorist financing at the policy and operational levels.

Whereas, the Ministry of Justice recently established special courts to look into money laundering crimes.

It will address money laundering and terrorist financing by working with regional and international groups in this field, such as the Gulf Cooperation Council countries, the Group of Twenty, and the Financial Action Task Force (FATF), and in cooperation with the National Committee for Combating Money Laundering and Combating Terrorist Financing in the Ministry of Foreign Affairs and International Cooperation.

He will work as a national coordinator for the state regarding the national strategy to confront money laundering and terrorist financing crimes among all concerned authorities, including federal and local government agencies, to ensure the provision of the necessary support to the National Committee to facilitate the performance and implementation of its tasks, and to ensure that powers and roles do not overlap between the various concerned authorities.

The Ministry of Economy recently launched an awareness campaign to encourage companies to register in the anti-money laundering monitoring and reporting system.

Al-Zaabi said that the size and complexity of financial crime has increased over the past decade, as has the UAE’s awareness and understanding of it, and for this reason the UAE is committed to taking appropriate measures to reduce it, reviewing the recent legislative changes, namely: Cabinet Resolution No. 16 of 2021, (Cabinet Resolution No. 16 of 2021 regarding the consolidated list of violations and administrative fines inflicted on violators of anti-money laundering and combating terrorist financing measures subject to the supervision of the Ministry of Justice and the Ministry of Economy).

Federal Law No. 32 of 2020, (Federal Decree Law No. (32) of 2020 was issued amending some provisions of Federal Law No. (2) of 2008 regarding associations and civil institutions of public benefit).

Cabinet Resolution No. (58) of 2020 regulating the procedures of the real beneficiary.

Cabinet Resolution No. 74 of 2020 regarding the implementation of the UN Security Council resolutions adopted to prevent the financing of terrorism and combat the proliferation of weapons of mass destruction.

He stressed that the Executive Office will strive to work tirelessly to strengthen the system of combating financial crime in the UAE, by taking into account the accuracy in targeting illegal behavior within our economy, by improving cooperation and exchange of information between all concerned, at the local and international levels, within the framework of the enhanced efforts that The UAE is making efforts to combat financial crime.

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