UAE, US discuss combatting money laundering & terror financing


Discussions broadly focused on the UAE’s initiatives and advancements to improve its AML/CFT regime…reports Asian Lite News

The UAE Ministry of Foreign Affairs and International Cooperation welcomed a US Department of the Treasury delegation to discuss a range of issues related to anti-money laundering and countering the financing of terrorism (AML/CFT).

The US delegation was led by Paul Ahern, Acting Assistant Secretary and Principal Deputy Assistant Secretary of the Office of Terrorist Financing and Financial Crimes.

During the visit, Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and the Chair of the Higher Committee Overseeing the National Strategy on AML/CFT, held discussions with Ahern.

Ahern also met with Ahmed Al Sayegh, Minister of State, Khaled Mohamed Balama Al Tameemi, Governor of the Central Bank, and senior officials from UAE supervisory and regulatory agencies.

The US delegation was updated on the various initiatives and advancements taken by the UAE to improve the effectiveness of its AML/CFT regime, including the establishment of the Executive Office for AML-CFT and the ongoing work of the National Committee for AML/CFT.

Discussions broadly focused on the UAE’s initiatives and advancements to improve its AML/CFT regime and the work being undertaken by the six AML/CFT National Sub-Committees, including, an overview of the UAE’s AML/CFT National Strategy (2020-2023).

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It also include the steps taken to enhance private sector outreach on AML/CFT issues, including recent targeted engagements for senior executives of Financial Institutions and Designated Non-Financial Businesses and Professions, and the establishment and launch of a long-term Public Private Partnership framework.

Also, the ongoing efforts of financial supervisors to effectively mitigate money laundering and terrorist financing risks etc.

It also discussed how the Central Bank and the Financial Intelligence Unit are working increasingly closer with financial institutions to facilitate the reporting of suspicious transactions.

“Strengthening the UAE’s AML/CFT framework is a critical national priority and is a central focus of the UAE leadership,” said Ahmed Ali Al Sayegh.

“The UAE government has invested significantly in building an effective system to combat money laundering and terrorist financing and is actively deepening the dialogue between the public and private sectors. It is a privilege to explain the significant progress being made to our international partners, who we are committed to working closely with as we look to safeguard the integrity of the financial system.”

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