PHOTO
Abu Dhabi: The National Committee for Combating Money Laundering and Financing of Terrorism and Illegal Organisations (National Committee) held its first meeting for this year on Wednesday, January 27,2021. The meeting was chaired by H.E. Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank of the UAE (CBUAE), to discuss the latest developments and decisions regarding combating money laundering and countering financing of terrorism.
The meeting addressed the Cabinet Decision No. 10 of 2021 concerning the establishment of the Executive Office of Anti Money Laundering and Countering Financing of Terrorism (Executive Office), and highlighted the coordination between the National Committee and the Executive Office. The implementation progress of the national action plan of the National Committee was also discussed, and the National Committee agreed on the restructuring of specialised sub-committees headed by several key entities responsible to limit crimes related to money laundering, financing of terrorism and illegal organisations.
One of the most prominent topics highlighted in the meeting was the discussion of a paper in relation to a public-private partnership in order to provide the private sector with supervisory guidelines regarding the application requirements for Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) and share information on the trends, patterns, behavior and threats related to AML/CFT. This will enable the private sector to enhance their systems to reduce the risks associated with financial crimes.
H.E. Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank of the UAE, said: “We are keen to meet periodically with the concerned authorities to review the action plan of the National Committee for Combating Money Laundering and Financing of Terrorism and Illegal Organisations, and to adopt all recommendations aimed at protecting our financial system. The restructuring of the sub-committees comes with the objective of developing regulations and decisions that would enhance co-ordination between all concerned authorities in the UAE and raise performance in limiting financial crimes.”
© 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.
