Executive Office of AML/CTF hailed UAE’s efforts to fight money laundering

By Arya M Nair, Intern Reporter
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The Executive Office of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) hosted a team from the General Secretariat of the Gulf Cooperation Council (GCC) to combat the financial crimes in GCC countries.

The purpose of the visit was to share experiences and expand cooperation in the face of financial crimes, particularly money laundering. The UAE’s most significant accomplishments in countering money laundering and terrorist financing were also highlighted, as well as the country’s plans in coordinating, planning and developing integrated programs of joint action.

Hamid AlZaabi
Hamid AlZaabi
Director General
Executive Office – AML/CTF

“There is widespread cooperation between the Executive Office for Anti-Money Laundering and Counter Terrorism Financing and the General Secretariat of the Gulf Cooperation Council. The Executive Office plays its role by improving local and international coordination and cooperation on issues related to addressing money laundering and terrorist financing to the fullest and seeks to share its experiences with the GCC Secretariat.”

Ms. Raghad Al Yousfi, Head of Anti-Money Laundering and Terrorist Financing/Money and Cash Management, Economic Affairs Sector of the GCC Secretariat appreciated the UAE on its tireless efforts to strengthen its anti-money laundering and counter-terrorist financing system, and the efforts of its stakeholders. Ms. Al Yousfi added that they will continue to work support and strengthen their cooperation with UAE to achieve the best possible outcomes.

The UAE government has taken several steps to better monitor cash flows through the UAE financial system and to cooperate with international efforts to combat terrorist financing. With regulation that requires banks, money exchange houses, finance companies, and any other financial institutions operating in the UAE to follow strict Know Your Customer (KYC) guidelines, the country is strategically fighting money laundering.

Earlier this month, the UAE Central Bank (CBUAE) has issued new guidelines in anti-money laundering and combating the financing of terrorism efforts. The new guidelines focus on entities functioning in the real estate, precious metal and stones sectors. They are obliged to report directly to the UAE’s Financial Intelligence Unit and report any suspicious activities by filing a ‘suspicious activity report’.

In August, the Dubai court announced the establishment of a specialized court, focused on combating money laundering, within the Court of First Instance and Court of Appeal.

Related: UAE’s ADGM Academy, Executive Office of AML/CTF unite to set up Centre of Excellence