Latest news with #FATF
Zawya
19 hours ago
- Business
- Zawya
Economic Integration Committee reviews digital integration of National Economic Register and strengthening of UAE's financial and legislative compliance framework
Abu Dhabi: The Economic Integration Committee held its fifth meeting of 2025, chaired by H.E. Abdulla bin Touq Al Marri, Minister of Economy and Tourism, along with H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and directors general of economic development departments from all seven emirates. The meeting reviewed progress on enhancing the UAE's regulatory and legislative environment, including the digital integration of the National Economic Register (NER), strengthening compliance among registration authorities, advancing collective management of music copyright, and implementing priority initiatives to prepare for the 2027 FATF mutual evaluation. H.E. Bin Touq emphasized that the Economic Integration Committee holds regular meetings to coordinate efforts and strengthen institutional integration among the UAE's economic entities. These efforts support the development of compliance and control tools, safeguard the nation's economic reputation and international standing, enhance competitiveness, and position the UAE as a global leader in proactive legislation for emerging economic sectors, in line with the 'We the UAE 2031' vision. H.E. said: 'The UAE achieved a significant milestone by being removed from the European Parliament's high-risk third country list, reflecting the efficiency of its regulatory ecosystem and its full adherence to the highest international standards of anti-money laundering and countering the financing of terrorism (AML/CFT). This achievement further strengthens the UAE's reputation as a trusted and reliable global economic hub.' H.E. added: 'This achievement is the result of sustained institutional efforts by all federal and local entities, enhancing confidence in the national business environment, facilitating financial and commercial transactions with European institutions, and opening up greater partnership and investment opportunities with major global markets.' Enhancing digital integration of National Economic Register The Committee reviewed progress on the full digital integration between local licensing authorities and the National Economic Register. A significant number of registrants across the UAE are already integrated, with accurate beneficial ownership data captured, including for complex structures in line with FATF requirements. The system has also been enhanced to cover additional legal arrangements and provide regulatory entities with real-time, accurate data access. Development of the regulatory and legislative framework for music copyright The meeting also reviewed progress on strengthening the regulatory framework for collective management of music copyrights, in cooperation with the World Intellectual Property Organization (WIPO). This includes establishing a national task force with representatives from economic, cultural, and media entities, and engaging with local economic development departments to incorporate compliance standards into licensing conditions, thereby protecting authors' rights and promoting fair-use practices. The Committee further reaffirmed its commitment to monitoring national efforts to enhance the financial and legislative compliance framework. These efforts aim to foster a safe, transparent, and investment-friendly economic environment, support national entrepreneurship, and improve the UAE's standing in international indices, aligned with the 'We the UAE 2031' vision for global leadership in economic legislation.
Deccan Herald
2 days ago
- Business
- Deccan Herald
A refined FCRA can enable India's knowledge economy
The May 2025 amendments to the FCRA Rules further deepen this regulatory vision, aligning India's compliance mechanisms with international standards such as those of the Financial Action Task Force (FATF).
Asharq Al-Awsat
3 days ago
- Business
- Asharq Al-Awsat
Lebanon Central Bank Signs Deal with US Risk Management Advisory Firm to Combat Illegal Activity
Lebanon's central bank signed an agreement on Monday with US risk management advisory firm K2 Integrity aimed at combating illegal activities and fraud, according to a statement. The agreement is part of the central bank's efforts to come off the global financial crime watchdog FATF's "grey list" of countries under special scrutiny. FATF placed Lebanon on the list last October.
LBCI
3 days ago
- Business
- LBCI
Lebanon's central bank partners with US firm to boost financial oversight
Banque du Liban has signed a cooperation agreement with U.S.-based K2 Integrity, a global leader in risk management and financial investigations, as part of efforts to limit the growing cash economy and combat illicit and fraudulent activity. The move is part of Lebanon's push to exit the Financial Action Task Force (FATF) 'grey list.' K2 Integrity will provide technical and advisory support to strengthen oversight and close regulatory gaps. The firm has worked with central banks and financial institutions in over 100 countries and is known for its expertise in international compliance standards.
Al Arabiya
3 days ago
- Business
- Al Arabiya
Lebanon central bank signs deal with US risk management firm to combat illegal activity
Lebanon's central bank signed an agreement on Monday with US risk management advisory firm K2 Integrity aimed at combating illegal activities and fraud, according to a statement. The agreement is part of the central bank's efforts to come off the global financial crime watchdog FATF's 'grey list' of countries under special scrutiny. FATF placed Lebanon on the list last October. Read more:
