UAE Minister of State concludes visit to Saudi Arabia for talks on combatting money laundering and terrorist financing

ABU DHABI- Ahmed Ali Al Sayegh, UAE Minister of State, concluded a two-day visit to Saudi Arabia as head of a delegation of Emirati experts, which held meetings with the Saudi Central Bank ( (SAMA) on 13th and 14th July, 2021.

The delegation included Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and Hamid Al Zaabi, Director-General of the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing. The Saudi side was led by Dr. Fahad Al Mubarak, Governor of the Saudi Central Bank and Chairman of the Standing Anti-Money Laundering Committee.

The meetings took place under the framework of the close bilateral cooperation between the UAE and Saudi Arabia in combatting money laundering and terrorist financing.

During the meetings, the Emirati experts briefed the Saudi delegation about the various initiatives and procedures recently adopted by the UAE to improve the efficiency of the anti-money laundering and counter-terrorism financing system, including the establishment of a relevant supreme committee chaired by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and the creation of the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing.

The Emirati delegation also highlighted the country’s related national plan, including an overview of the efforts to assess money laundering and terrorist financing risks, counter arms financing, and the latest directives of the Designated Non-Financial Businesses and Professions (DNFBP), as well as the work of relevant authorities in raising the private sector’s awareness of anti-money laundering and counter terrorist financing.

"The visit of a senior delegation of experts from the UAE took place under the framework of our cooperation with our strategic partners, most notably Saudi Arabia, to inform relevant authorities about the UAE’s progress in boosting the anti-money laundering and counter-terrorism financing system, in addition to exchanging knowledge and expertise with relevant Saudi authorities," Al Sayegh said.

On the sidelines of the visit, the Emirati team met with Mohammad bin Abdul Malek Al Shaikh, Head of the Economic and Development Affairs Division, Saad Al Kharashi, Director of Finance and Monetary, Raghad Hamad Al Yusufi, Head of the Anti-Money Laundering and Counter-Terrorism Financing Department, and Bassel Al Mijal, Expert in Anti-Money Laundering and Counter-Terrorism Financing Department, at the headquarters of the Gulf Cooperation Council (GCC) Secretariat-General.

The meeting addressed the UAE’s efforts to enhance the efficiency of the anti-money laundering and counter-terrorism financing system and discussed ways of boosting the cooperation within the GCC.