Latest news with #UAENationalAnti-MoneyLaunderingandCombattingFinancingofTerrorismandFinancingofIllegalOrganisationsCommittee
The National
16-02-2025
- Business
- The National
UAE anti-money laundering task force to meet EU to fight financial crime
The UAE is to hold high-level talks with the European Union in support of an international effort to tackle money laundering and other financial crimes. Hamid Al Zaabi, secretary general and vice chairman of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee, said the country had already held discussions with the US and France on a global strategy to fight financial crime that covers drugs and fraud-related cases with strict prevention measures. He said international co-operation was vital and emphasised the UAE's commitment to be part of the drive for global financial and economic stability. Further meetings with the EU and other nations are planned to strengthen collaboration, state news agency Wam reported. 'Through comprehensive preventive measures the UAE continues to foster a stable and secure economic environment for all,' Mr Al Zaabi said. Anti-money laundering message Mr Al Zaabi said private sector and financial institutions were important partners in the UAE's clamp down on financial crime. More than 8,000 questionnaires have been submitted to the UAE's national anti-money laundering body by companies as part of a major risk-assessment strategy. As vice chair of the Middle East and North Africa Financial Action Task Force this year, he said the UAE plays a key role in hosting training workshops, offering technical support and sharing expertise with countries in the region. The UAE's efforts to work across the region to spread information would improve the readiness of neighbouring countries during evaluation and assessment by the task force. In September, the UAE introduced a nationwide action plan to combat terrorism financing and money laundering. 'This ongoing effort strengthens the country's ability to adapt to future financial challenges.' said Mr Al Zaabi. The 2024-2027 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing includes 11 primary objectives, 50 sub-goals and more than 250 initiatives aimed at achieving its targets by 2027. The project was developed by the General Secretariat of the National Committee, using World Bank Group methodology to ensure it meets international standards. "The strategy goes beyond legal aspects, encompassing economic, security and media dimensions, as well as capacity-building efforts." said Mr Al Zaabi. Taking action The Federal Supreme Court approved the extradition of French citizen Mehdi Charafa to France this month on charges of drug trafficking and money laundering. The decision came after a request from French authorities and after the defendant had exhausted all legal procedures, Wam reported. The UAE has made significant strides in the fight against financial crime. In August, the government amended its laws on anti-money laundering, and the financing of terrorism and illegal organisations. These changes aim to strengthen efforts against financial crime while ensuring the country's technical compliance with international treaties and recommendations. As a result, the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations was established.
TAG 91.1
15-02-2025
- Business
- TAG 91.1
UAE anti-money laundering committee receives 8k questionnaires
The submission of more than 8,000 questionnaires reflects the private sector's active engagement with risks related to money laundering and terrorist financing says a leading UAE figurehead. Secretary-General and Vice Chairman of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) Hamid AlZaabi, said that private sector and financial institutions are considered key partners in delivering the UAE's AML/CFT programme and completing the National Risk Assessment (NRA) process. AlZaabi noted that the reports submitted by financial and non-financial institutions, as well as the private sector, witnessed a 26 per cent increase in the year 2024, reflecting the strengthening of collective understanding of these risks. He stated that the UAE's NRA led to significant legal amendments, including the 2024 update to the UAE's Anti-Money Laundering Law, to address evolving financial crime trends. AlZaabi also noted that virtual assets remain a high-risk category globally and that the UAE continues to enhance its financial sector's performance through deep and comprehensive risk understanding. 'This ongoing effort strengthens the country's ability to adapt to future financial challenges.' The previous NRA played a key role in advancing progress in 2024 in this regard, culminating in the launch of the National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing for 2024-27. The strategy outlines 11 primary objectives, 200 sub-goals, and over 1,000 initiatives aimed at achieving its targets by 2027, reinforcing the UAE's global leadership in this field, he added. AlZaabi reaffirmed the UAE's commitment to updating national regulations and policies to align with international best practices, ensuring readiness for the International Financial Action Task Force (FATF) mutual evaluation, which will start at the end of the year. He further highlighted that these efforts have led to continuous policy and legislative updates, helping maintain the stability of both the national and global financial systems. The UAE, he stressed, remains proactive in addressing emerging challenges and strengthening its position as a global leader in combating financial and economic crimes.
Dubai Eye
15-02-2025
- Business
- Dubai Eye
UAE anti-money laundering committee receives 8k questionnaires
The submission of more than 8,000 questionnaires reflects the private sector's active engagement with risks related to money laundering and terrorist financing says a leading UAE figurehead. Secretary-General and Vice Chairman of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) Hamid AlZaabi, said that private sector and financial institutions are considered key partners in delivering the UAE's AML/CFT programme and completing the National Risk Assessment (NRA) process. AlZaabi noted that the reports submitted by financial and non-financial institutions, as well as the private sector, witnessed a 26 per cent increase in the year 2024, reflecting the strengthening of collective understanding of these risks. He stated that the UAE's NRA led to significant legal amendments, including the 2024 update to the UAE's Anti-Money Laundering Law, to address evolving financial crime trends. AlZaabi also noted that virtual assets remain a high-risk category globally and that the UAE continues to enhance its financial sector's performance through deep and comprehensive risk understanding. 'This ongoing effort strengthens the country's ability to adapt to future financial challenges.' The previous NRA played a key role in advancing progress in 2024 in this regard, culminating in the launch of the National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing for 2024-27. The strategy outlines 11 primary objectives, 200 sub-goals, and over 1,000 initiatives aimed at achieving its targets by 2027, reinforcing the UAE's global leadership in this field, he added. AlZaabi reaffirmed the UAE's commitment to updating national regulations and policies to align with international best practices, ensuring readiness for the International Financial Action Task Force (FATF) mutual evaluation, which will start at the end of the year. He further highlighted that these efforts have led to continuous policy and legislative updates, helping maintain the stability of both the national and global financial systems. The UAE, he stressed, remains proactive in addressing emerging challenges and strengthening its position as a global leader in combating financial and economic crimes. AlZaabi continued, 'The strategy goes beyond legal aspects, encompassing economic, security, and media dimensions, as well as capacity-building efforts.''
