NAMLCFTC holds its second meeting for 2021

The meeting was held in the presence of H.E. Ahmed Ali Al Sayegh, Minister of State (UAE) and Chairman of Abu Dhabi Global Market

  
NAMLCFTC holds its second meeting for 2021

Abu Dhabi: The National Committee for Combating Money Laundering and Financing of Terrorism and Illegal Organisations (NAMLCFTC) held its 2nd meeting for the year 2021 on, March 4, 2021. H.E. Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank of the UAE (CBUAE) and Chairman of the NAMLCFTC inaugurated the meeting to discuss the latest developments in countering money laundering and combating financing of terrorism in the UAE. The meeting was held in the presence of H.E. Ahmed Ali Al Sayegh, Minister of State (UAE) and Chairman of Abu Dhabi Global Market.  

The committee noted the good progress made by different federal entities on the implementation of various actions envisaged in the UAE National Action Plan for anti-money laundering and countering financing of terrorism (AML/CFT) and decided on further actions.

The NAMLCFTC approved counter-measures that designated businesses and identified non-financial professions must apply in relation to dealing with high-risk countries. These measures will be published on the websites of the NAMLCFTC and other regulatory bodies to ensure circulation and action by licensed entities.

The NAMLCFTC endorsed the first edition of the National Manual on Financial Intelligence, Financial Investigation and Money Laundering Investigation, and decided the terms of its review on periodic basis. The manual aims to achieve the goals of the national strategy on AML/CFT and increase the country's effectiveness in combating money laundering and financing of terrorism by adopting a unified national approach. Furthermore, the rules relating to providers of corporate services and trusts; their activities, businesses and transactions were also reviewed and approved.

H.E. Abdulhamid M. Saeed Alahmadi, said: “As the UAE is a global financial centre, we are committed to undertake all necessary actions and implement them to strengthen the AML/CFT framework of the UAE. We will continue to fight against money laundering and financing of terrorism with a strong technology framework and processes, address AML/CFT issues and provide effective solutions to mitigate related risks that can face our national economy.”

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases