ABU DHABI, (Pakistan Point News - 22nd Nov, 2021) H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and H.H. Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority, have met with Wally Adeyemo, Deputy Secretary of the US Department of the Treasury, to enhance cooperation in the financial, economic, and commercial sectors.
Adeyemo also met with Dr. Anwar Gargash, Diplomatic Adviser to UAE President; Abdullah bin Sultan bin Awad Al Nuaimi, Minister of Justice; Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs; Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; and Khalid Mohammed Salem Balama Al Tamimi, Governor of the UAE Central Bank.
During the meetings, UAE officials highlighted the progress the country has made in reinforcing its anti-money laundering (AML) and countering the financing of terrorism (CFT) systems by reviewing the latest developments in the implementation of the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism.
Moreover, participants commended the high level of engagement between the UAE and the US on AML/CFT issues, particularly following the convening of the UAE-US-UK Workshop on AML/CFT on 26th-27th October in Abu Dhabi at the Executive Office for Anti-Money Laundering and Countering the Financing of Terrorism.
During the workshop, the UAE side presented on progress on the national action plan to combat money laundering and terrorist financing, in addition to reviewing recent achievements and future plans. Participants also discussed virtual assets and the gold and precious metals industry as part of efforts to address risk across numerous sectors.
The UAE Government is engaging directly with the US to jointly counter money laundering, terrorist financing, funding for weapons of mass destruction, and other illicit activities. The UAE has already taken a series of tangible steps to address deficiencies identified by the Financial Action Task Force. This is a matter of strategic importance to the UAE’s national security and the international financial system, with the UAE actively working to further enhance its framework to comply with international standards on combatting money laundering and the financing of terrorism and the proliferation of weapons of mass destruction.
In recent months, the UAE has increased its engagement with the US on key AML/CFT issues, including through workshops and events on cryptocurrency and crime, terrorist financing, virtual assets, human rights abuses, and corruption.
