The Director-General of the Executive Office, Hamed Al Zaabi, presented all items of the FATF Action Plan and the progress made across all items…reports Asian Lite News
H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, has chaired the 18th Meeting of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism.
The Executive Office of Anti-Money Laundering and Counter Terrorism Financing delivered a presentation on the latest developments in the National Plan and discussed the outcomes of the Financial Action Task Force (FATF) Plenary held in Paris in June 2023, which commended the significant progress made by the UAE.
The Director-General of the Executive Office, Hamed Al Zaabi, presented all items of the FATF Action Plan and the progress made across all items. The presentation referred to an increase in fines imposed by regulatory authorities, which exceeded AED130 million at the end of the second quarter of this year. The increase reflects strict measures taken against violators. The nature and number of measures and corrective actions carried out by each supervisory authority were also presented.
The presentation also referred to a 102% increase in Suspicious Transaction Reports (STRs) submitted to the Financial Intelligence Unit (FIU) compared to last year. This reflects an improvement in the private sector’s understanding as a result of the continuous awareness efforts by all relevant authorities.
Regarding money laundering (ML) investigations, the presentation explained the increase in the quality and number of cases, especially those associated with the UAE risk context. The UAE presented statistics on STRs and referrals by law enforcement authorities, as well as convictions and confiscations that took place recently, which exceeded AED800 million.
The meeting was attended by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; Abdullah bin Touq Al Marri, Minister of Economy; Shamma Bint Suhail Al Mazrui, Minister of Community Development; Abdullah bin Sultan Al Nuaimi, Minister of Justice; Ahmed Al Sayegh, Minister of State; Khaled Balama Altameemi, Governor of the Central Bank of the UAE; Ali Al Neyadi, Chairman of the National Emergency Crisis and Disasters Management Authority; Ali Bin Hammad Alshamsi, Secretary-General of the Supreme Council for National Security; and Lt. Gen Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police.
Saeed Mubarak Al Hajeri, Assistant Minister for Economic and Trade Affairs; Ibrahim Mohammed Al Zaabi, Director-General of the State Security Service; and Hamid Saif Al Zaabi, Director-General of the Executive Office to Combat Money Laundering and Terrorist Financing, were also present.
