ABU DHABI, (Pakistan Point News - 06th Jul, 2021) The National Committee for Combating Money Laundering and Financing of Terrorism and Illegal Organisations (NAMLCFTC) held its fifth meeting in 2021, chaired by Khaled Mohammed Balama Al Tameemi, Governor of the Central Bank of UAE and Chairman of the NAMLCFTC.
During the virtual meeting, which was attended by Ahmed Ali Al Sayegh, Minister of State, the committee was briefed by member government entities and commended the progress of its sub-committees in terms of successfully implementing their action plans. It also discussed the details of relevant violations and fines and suspicious dealings reports submitted to the Financial Information Unit.
The committee highlighted the importance of updating the regulations and procedures of national regulatory and law enforcement entities, according to its document on establishing a framework for government roles as stated in Cabinet Resolution No. (74) of 2020 Regarding the UAE's terrorist list and the implementation of the UN Security Council resolutions related to preventing and combatting terrorism, terrorist financing, and the proliferation of weapons, and the relevant resolutions. This step will help achieve the purpose of the Fawri Tick system and update it.
The NAMLCFTC also assessed the action plans, challenges and recommendations of relevant regulatory authorities and the Financial Information Unit on implementing its resolution on the countermeasures in dealing with high-risk countries. It also discussed the partnership between public and private sector entities in addressing money laundering and terrorist financing.
Moreover, the committee approved its new visual identity, which reflects its key objectives and highlights its commitment to continue combatting money laundering and terrorist financing in the UAE.
Al Tameemi stressed that countering money laundering and terrorist financing requires combining efforts and harnessing the capabilities, resources and expertise of the public and private sectors, which is the reason behind UAE's tireless efforts to enhance cooperation with local and international financial institutions to better monitor and report any suspicious activities.
