UAE reviews efforts in combating money laundering & terrorist financing

By Amirtha P S, Desk Reporter
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The Meeting of the Higher Committee Overseeing National Strategy on Anti-Money Laundering and Countering Financing of Terrorism in 2021 reviewed the progress made by the UAE in recent months in safeguarding the country’s financial system in line with global standards.

HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Chair of the Higher Committee, stated that, “The UAE continues to take its role in protecting the integrity of the global financial system extremely seriously.”

Further, Mr. Khaled Balama Altameemi, Governor of CBUAE and Chairman of the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations, briefed Committee members on the latest developments and the positive progress being made in building the institutional capabilities set out in the UAE’s National Risk Assessment, National Action Plan, and National Strategy for AML/CFT.

The UAE has been working closely with the Financial Action Task Force (FATF), the intergovernmental body that sets international standards on AML/CFT, to ensure the country’s legal, regulatory and operational models not only meet global standards for protecting the financial system but are also sustainable over the long-term.

In line with this process, the Committee also reviewed the progress made by the UAE in recent months, set out in the country’s latest progress update to FATF, Middle East and North Africa FATF (MENAFATF), and relevant international stakeholders.

Further, the Committee applauded the technical compliance and effectiveness of the many measures implemented by the UAE, stating clearly the continued efforts made by the UAE, under the coordination of the Executive Office for AML/CFT.

The meeting was attended by Mr. Abdullah bin Sultan bin Awad Al Nuaimi, Minister of Justice, Mr. Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, Ms. Hessa bint Essa Buhumaid, Minister of Community Development, Mr. Abdullah bin Touq Al Marri, Minister of Economy and Mr. Ahmed Al Sayegh, Minister of State, along with other dignitaries.

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