(MENAFN-Emirates News Agency (WAM))
ABU DHABI, Nov 03, 2023 (WAM) — His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, chaired the 20th assembly of the High Committee to oversee the national anti-money laundering and countering the financing of terrorism strategy.
HE. Sheikh Abdallah welcomed the confirmation through the Financial Action Task Force (FATF) that the UAE has finalized its action plan, as well as the announcement of its goal to conduct an on-site assessment in early 2024, which aims to review the implementation and sustainability of the action plan. Anti-money laundering and terrorist financing (AML/CTF) reforms continued through competent authorities.
During the meeting, Abdullah bin Touq Al Marri, Minister of Economy, reviewed the most recent developments in the supervision of the corporate and DNFBP sectors in the country, highlighting that the UAE’s efforts for monitoring and disclosure continue in a way that meets the needs of national authorities. AML Law and is in line with the most productive practices worldwide. He noted that the Ministry of Economy conducted 3,173 inspections between January and October 2023, resulting in fines worth AED 91. 5 million at 284 establishments.
Bin Touq also presented recent developments in the country’s legislative environment for AML/CFT efforts. These include the publication of legislation and cabinet decisions based on foreign production practices, such as the publication of ministerial decisions that regulate ultimately favorable property procedures and enforce administrative consequences. for non-compliance. He highlighted the effects of the risk-based operational plan for the 36 registered corporations in the country, as well as the latest updates to the unified advertising registry in each emirate.
In addition, the Director General of the Executive Office for Combating Money Laundering and Countering the Financing of Terrorism (EO AML/CTF), Hamid Al Zaabi, reviewed all elements of the national action plan and the progress made across the UAE to date. The plan outlines the UAE’s positive and ongoing efforts for the sustainability of its AML/CFT framework and its increasing effectiveness in all areas.
The assembly reaffirmed the UAE’s abundant efforts in the field of sustainable monetary formula hedging and strengthening external cooperation to combat money laundering and terrorist financing, and official statistics show a steady increase in foreign demands in this area. The United Arab Emirates has signed forty-five Mutual Legal Assistance Treaties (MLATs) and more than 12 MLATs are being prepared lately.
The assembly focused on law enforcement efforts, adding complex investigations, resulting in a sustained backlog of monetary investigations and prosecutions, in line with the threat profile. The UAE maintained a conviction rate of 92. 1% in cash laundering cases between March 2023 and mid-July 2023, achieving 76 convictions in the same period.
The assembly also discussed the priorities for the next era and the roadmap for key issues and projects aimed at ensuring the sustainability of the national AML/CFT framework, adding further strengthening of the regulatory framework for virtual assets in line with evolving foreign standards, strengthening governance. of the non-profit sector and strengthen national cooperation and national framework initiatives.
The assembly took its position in the presence of Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs; Shamma bint Suhail Al Mazrouei, Minister of Community Development; Abdullah bin Sultan bin Awad Al Nuaimi, Minister of Justice; Ahmed Ali Al Sayegh, Minister of State; Khaled Balama Al Tameemi, Governor of the Central Bank of the United Arab Emirates (CBUAE); Ali Al Neyadi, Chairman of the National Emergency and Disaster Crisis Management Authority; Lieutenant General Talal Belhoul Al Falasi, Director General of State Security Dubai; Ali bin Hammad Al Shamsi, Secretary-General of the Supreme National Security Council; and Lieutenant General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police.
Saeed Mubarak Al Hajeri, Deputy Minister of Economic and Commercial Affairs; and Ibrahim Mohammed Al Zaabi, Director-General of the State Security Service; and Hamid Saif Al Zaabi, Director-General of the Executive Office for Combating Money Laundering and Financing of Terrorism.
MENAFN03112023000061011009ID1107368986
Keywords
comment
Category
Date