(Pakistan Point News - 30th Nov, 2020) ABU DHABI, 29th November 2020 (WAM) - H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, on Sunday chaired a meeting of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, which was held remotely via video conference.
Sheikh Abdullah welcomed the members of the Committee and hailed the efforts of the task forces to fully achieve the objectives entrusted to the committee. He was briefed about the developments of the committee's work and its progress.
Ahmed bin Ali Al Sayegh, Minister of State, said that earlier this year, the Cabinet issued Resolution No. 74 for 2020 concerning the lists of terrorists and implementation of UN Security Council decisions relating to preventing and countering financing terrorism and leveraging non-proliferation of weapons of mass destruction, and the relevant resolutions.
Sultan bin Saeed Al Badi Al Dhaheri, Minister of Justice, referred to the four guideline manuals pertaining to money laundering crimes and international judicial cooperation, which were issued recently and circulated to the concerned authorities. He added that a total of 200 law firms in the UAE that had failed to comply with anti-money laundering procedures were suspended from practicing for one month. Their suspension will be lifted once they fulfil their obligations.
Al Badi also said that seven law firms in UAE fined AED 100,000 each for anti-money laundering violations.
Hessa Essa Buhumaid, Minister of Community Development, said the Ministry will submit proposed amendments to the Federal Law No. (2) of 2008 regarding Public Associations and Institutions of Public Benefit to the cabinet for approval and issuance of amendments law.
Abdullah bin Touq Al Marri, Cabinet Minister of Economy referred to the Cabinet Resolution No. (58) of 2020, on regulating the Beneficial Owner Procedures, which was issued as part of the UAE's anti-money laundering and countering financing of terrorism efforts.
The meeting was attended by Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs; Sultan bin Saeed Al Badi Al Dhaheri, Minister of Justice; Hessa Essa Buhumaid, Minister of Community Development; Abdullah bin Touq Al Marri, Minister of Economy; Ahmed Ali Al Sayegh, Minister of State; Ali Saeed Matar Al Neyadi, Chairman of the Federal Customs Authority; Abdulhamid Saeed, Governor of the UAE Central Bank; Ahmed Al Dhaheri, Head of the State Security; Lieutenant General Saif Abdullah Al Shaafar, Under-Secretary of State of the Ministry of the Interior; and Abdulnasser Alshaali, Assistant Minister for Economic and Trade Affairs at the Ministry of Foreign Affairs and International Cooperation.
