UAE Ministry of the Economy (MoEc) has signed a partnership agreement with the International Compliance Association (ICA) to implement a specialized training program on anti-money laundering for the Ministry employees and private sector businesses, especially Designated Non-Financial Businesses and Professions (DNFBPs), starting January 2024.
The agreement aligns with the UAE’s efforts to promote awareness of the culture of compliance within the private sector and the importance of combatting money laundering and terrorism financing.
The agreement includes providing specialized, Certified training programs for those operating in the DNFBP sector on the foundations and mechanisms of AML/CFT. Participants will obtain specialized professional certificates from ICA.
Mr. Abdullah Ahmed Al Saleh, Undersecretary of the UAE Ministry of Economy, said that, “The UAE has made great strides in the development of an integrated and robust system for countering money-laundering crimes, combating terrorism financing and the proliferation of armaments as a strategic national priority, in line with its AML/CFT legislation, the requirements put in place to counter the proliferation of armaments, and the standards issued by the Financial Action Task Force (FATF).”
Mr. Al Saleh noted that the agreement further aims to develop sectors’ performance at the national and international levels in line with global best practices, creating a business environment free of illegal practices, enhancing investor confidence in the UAE’s overall investment climate, and enabling better financial procedures and creating a business environment free from any illegal practices.
Mr. Pekka Dare, President of ICA, expressed his pleasure at signing the agreement with the Ministry of Economy, emphasizing the importance of cooperation and coordination in preparing an effective training program. All training program activities will be carried out in coordination between the Association and the Ministry’s working group.