• Addressing import/export legislation surrounding currency disclosures, financial instruments, minerals, and precious stones

Abu Dhabi, UAE: The UAE AML/CFT Public Private Partnership Committee (PPPC) concluded its fourth meeting, which included presentations from the Federal Customs Authority and SOCNet, a division within the UK’s Foreign, Commonwealth and Development Office and Home Office, which aims to develop international partnerships to tackle serious and organised crime. 

After approving the minutes from the third meeting of 2021, the Executive Office presented its working paper on combating wildlife trafficking and its role in facilitating money laundering and terrorism financing; a focal point supported by SOCNet, which presented its own toolkit aimed at providing a valuable resource for financial institutions to support efforts in identifying and addressing Illegal Wildlife Trade (IWT) money flows. Structured as a mechanism to directly stem proceeds made possible by illegal wildlife trade, the toolkit represents a further step in UK-UAE collaboration to tackle illicit financial flows in collaboration with key cross-sector partners. Once launched in the UAE, the toolkit will be available to download from the Themis website portal in March.

In addition to the meeting’s focus on illegal wildlife activity, representatives of the Federal Authority for Identity, Citizenship, Customs and Port Security, presented on the UAE’s legislation towards disclosing currencies, bearer negotiable financial instruments, minerals, and precious stones for those entering or departing the country and whose value is AED 60,000 ($16,337.64) and more.

Commenting on the fourth meeting, committee chairman, Mohamed Shalo said, “Our most recent meeting has not only reaffirmed our efforts to work in close coordination with public-private entities and international organisations, but also the extent to which money laundering and terrorism financing operations can pervade into society through different mechanisms. Our focus on illegal wildlife activity and addressing the existing legislation surrounding valuables entering and exiting our borders has provided a lot of valuable information and will be used to improve and tighten our existing controls.”


For further information, please contact Nada Al Jaberi at nada.aljaberi@amlctf.gov.ae 

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