Emirates News Agency – Abdullah bin Zayed chairs the meeting of the Higher Committee to oversee the national strategy to combat money laundering and terrorist financing

ABU DHABI, July 5, WAM / His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, chaired the fifteenth meeting of the Higher Committee for the Oversight of the National Strategy to Combat Money Laundering and Financing Terrorism.

His Excellency Hamid Saif Al Zaabi, Director General of the Executive Office for Combating Money Laundering and Countering Terrorist Financing, gave a presentation on the most prominent developments in the implementation of the National Plan of Action, including a presentation of the achievements of the country in increasing the level of international cooperation, requesting legal assistance by more than 100%, and continuing the regulatory authorities in the activities of surveillance and inspection, especially the sectors with the highest risks, and imposing of dissuasive sanctions, which amounted to about 41 million dirhams in the first six months of this year, and the continuation of awareness-raising activities for the private sector, in addition to the completion of six risk assessments covering sectors: financial institutions, gold and precious metal traders, real brokers , lawyers, accountants, auditors and service providers of trust funds.

The presentation also included highlighting the efforts of business registrars as the risk assessment of legal entities “companies” and legal constructs was completed, and the compliance rate at the corporate registrar level increased in terms of regulatory and policy implementation, including business risk classification systems and using electronic programs such as the GoAML system and others.

At the level of financial information and investigations, the efforts and results of the work of law enforcement agencies, which included increasing the number of reports and referrals of money laundering cases, and continuing to work with counterparties to achieve effectiveness in investigations and confiscations, were assessed. , which resulted in the country’s success in a number of priority issues at international level, such as the arrest of two brothers, Atul and Rajesh Gupta, who are the most wanted by the South African authorities in criminal and money laundering cases, and the arrest of Sanjay Shah, suspected of tax fraud and money laundering worth $1.7 billion in Denmark.

As regards the application of targeted financial sanctions, work with the private sector has intensified to ensure the implementation of targeted financial sanctions and raise awareness. More than 11 training workshops were held, involving more than 7000 private sector participants participated. sector, in addition to issuing a number of guidelines and coordinating with regulatory authorities to verify that the private sector meets these requirements.

The Supreme Committee commended these positive developments at the national level, which are a continuation of efforts by federal and local authorities, which reflect the country’s continued commitment to fight money laundering and terrorist financing. The Committee also reviewed the work plan elaborated by the Anti-Money Laundering and Anti-Terrorist Financing Executive Office in collaboration with the National Committee to Combat Money Laundering and Financing Terrorism and Illegal Organisations, the Ministry of Foreign Affairs and International Cooperation and all strategic partners to provide the follow-up report to the state in the next phase.

The meeting was attended by His Excellency Abdullah Sultan bin Awad Al Nuaimi, Minister of Justice, His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, His Excellency Hessa Buhumaid, Minister of Community Development, His Excellency Ahmed bin Ali Al Sayegh, Minister of State and His Excellency Khalid Balama Al Tamimi, Governor of the Bank of the United Arab Emirates The Central Bank, His Excellency Ali Saeed Al Neyadi, Chairman of the National Authority for Emergency Crisis and Disaster Management, and His Excellency Lieutenant General Abdullah Khalifa Al Marri, Commander in Chief of the Dubai Police.

The meeting was also attended by His Excellency Dr. Abdel Nasser Al Shaali, Deputy Minister of Economic and Commercial Affairs in the Ministry of Foreign Affairs and International Cooperation, His Excellency Rashid Al Ameri, Undersecretary of the Presidential Court, His Excellency Abdullah Al Saleh, Undersecretary of the Ministry of Economic Affairs, and His Excellency Hamid Saif Al Zaabi, Director General of the Executive Office for Combating Money Laundering and Countering Terrorist Financing.

WAM / Ahmed Al Nuaimi / Islama Al Hussein

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