ABU DHABI, (Pakistan Point News - 19th Aug, 2021) H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, has chaired the eleventh meeting of the Higher Committee Overseeing the National Strategy to Combat Money Laundering and Terrorist Financing.
Sheikh Abdullah and members of the committee were briefed on the progress made by the concerned authorities with regards to combating money laundering and terrorist financing, in addition to the targeted actions and reforms being undertaken in preparation for the submission of the UAE’s post observation period report to the Financial Action Task Force (FATF) in October 2021.
During the meeting, the Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) gave a presentation on the advancements made within the country's assessment file with regards to the FATF; the latest developments in the implementation of the national action plan to combat money laundering and terrorist financing, and the most prominent achievements and challenges related to meeting various targets related to the FATF recommendations included in the UAE’s mutual evaluation report.
The Higher Committee was also briefed on the timeline for upcoming events and deadlines within the observation period and the enhanced follow-up process for the UAE. His Highness directed concerned authorities to provide all necessary support and cooperation to complete the country’s post observation period report in a manner that reflects the great efforts and tangible developments achieved by the UAE in upgrading its national system to counter money laundering and terrorist financing over the past year. He also directed focus on the international cooperation file in particular, in line with the important positive role that the UAE plays globally in curbing financial crime and combating extremism, terrorism, and the proliferation of arms.
Other highlights of the meeting included committee members being provided an overview of the approved mechanism for the regulation of "hawala" brokers in the country. Approval was also provided to the Executive Office’s initiative to train 1,000 public and private sector employees in the field of combating money laundering and terrorist financing over the next five years.
Moreover, the committee was also briefed on the procedures of the Ministry of Economy regarding establishments that did not comply with the registration in the Financial Intelligence Unit’s (GoAML) system, which resulted in the imposition of 3,083 financial fines, worth AED50,000 each.
The meeting was attended by Sultan Saeed Al Badi, Minister of Justice, Obaid Al Tayer, Minister of State for Financial Affairs, Abdulla Bin Touq, Minister of Economy, Ahmed Al Sayegh, Minister of State, Ali Al Neyadi, Commissioner of Customs and Chairman of the Federal Customs Authority, and Lieutenant General Talal Al Falasi, Director-General of the State Security Department in Dubai , Khaled Balama Al Tamimi, Governor of the Central Bank of the United Arab Emirates, Hessa Buhumaid, Minister of Community Development, and Lieutenant-General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police .
Also in the attendance were Ibrahim Mohammed Al Zaabi, Director-General of the State Security Service, Rashid Al Ameri, Undersecretary for Government Coordination Sector at the Ministry of Presidential Affairs, and Hamid Saif Al Zaabi, Director-General of the Executive Office to Combat Money Laundering and Terrorist Financing.
