UAE's anti-money laundering committee approves risk evaluation reports on terrorist financing

The committee’s members also approved guidelines for financial and non-financial institutions covering anti-money laundering and the financing of terrorism

  

ABU DHABI, 13th April, 2021 (WAM) -- The "National Committee on Anti-Money Laundering and Countering the Financing of Terrorism" held its third meeting in 2021.

The meeting was chaired by Khaled Mohamed Balama Al Tameemi, Governor of the Central Bank of the UAE and Chairman of the Committee, with the attendance of Ahmed Ali Al Sayegh, Minister of State and Chairman of the Abu Dhabi Global Market, ADGM.

"We aim, through our regular meetings with our strategic partners, to discuss the latest initiatives of the committee, to reinforce our joint efforts to counter financial crimes," Al Tameemi said.

During the meeting, the committee was briefed about the latest developments concerning the implementation of its related action plan and how to make appropriate decisions.

The committee approved six risk evaluation reports on terrorist financing, money laundering, the misuse of legal persons, non-profit organisations, attorneys, and the gold sector.

The committee’s members also approved guidelines for financial and non-financial institutions covering anti-money laundering and the financing of terrorism, which were issued to increase awareness of the importance of adhering to laws and legislation related to financial crimes.

The guidelines will be published on the websites of regulatory authorities following their circulation among relevant bodies.

The committee adopted the initiative of the "Money Laundering Crimes Investigations Authorities Sub-Committee" on the updated action plan of the "National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism," which aims to identify the responsibilities of relevant parties and encourage cooperation to limit money laundering.

The meeting discussed one of the initiatives of the plan, which aims to support financial inclusion efforts aimed at ensuring access for all segments of the community to financial institutions regulated by the Central Bank of the UAE and reduce dependency on hawala brokers and non-official money transfer services providers.

The Central Bank of the UAE presented the national efforts to consolidate financial inclusion, including supporting the wage protection system, adopting the product risk matrix developed by money exchange companies and money transfer brokers, and highlighting the importance for money exchange companies to adhere to anti-money laundering and terrorist financing measures.

© Copyright Emirates News Agency (WAM) 2021.

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