UAE initiates national risk assessment on proliferation financing

By Amirtha P S, Desk Reporter
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UAE
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The UAE’s Executive Office for AML/CFT and the Executive Office of the Committee for Goods and Materials Subject to Import and Export Control has initiated a comprehensive assessment of proliferation financing risks in the country.

The review, launched in recent weeks, is anticipated to be completed by the end of this year. The assessment will be led by the Executive Office of the Committee for Goods and Materials Subject to Import and Export Control in association with UAE stakeholders and the private sector.

The proliferation financing risk assessment will aid the UAE’s public and private sectors to implement new requirements to identify, assess, and understand the situation to develop appropriate measures to mitigate or reduce risk.

The risk assessment will cover how financial resources may be used to develop nuclear, chemical, and biological weapons, including the means, technologies, and dual-use goods used in their delivery. Further, it will emphasize the private sector’s obligations under UAE law.

Hamid Al Zaabi
Hamid Al Zaabi
Director-General
Executive Office – AML/CTF

“We are pleased to launch this first national risk assessment on proliferation financing to formalize the UAE’s existing efforts to combat this critical global problem. Developing a thorough understanding of risk will lead to stronger preventative policy development and implementation of counter-proliferation financing measures by entities in the UAE. Our work will also raise awareness among the public and private sectors and encourage all stakeholders to continue to improve their investigations and prevention of proliferation financing activity within the global financial system.”

For his part, Mr. Talal Mohammed Al Tenaiji, Director of the Executive Office of the Committee for Goods and Materials Subject to Import and Export Control, highlighted the key role the office plays in leading the project and forming teams specialized in collecting and analyzing information.

The specialized teams have drafted a report that identifies threats and weaknesses and puts forth legislative and technical action plans to mitigate the risks involved in proliferation financing.

This project will offer an opportunity for federal authorities to highlight their efforts in combating such threats and their role in protecting the global financial system, Mr. Al Tenaiji noted. The national assessment is an essential pillar in bolstering collaboration among regulatory authorities, law enforcement agencies, and the Executive Office of the Committee for Goods and Materials Subject to Import and Export Control.

Related: UAE SCA approves GCC’s 1st SPAC regulatory framework


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