UAE FM chairs Higher Cmte meeting on 'anti-money laundering'

The committee members were briefed on the latest developments in the implementation of the national action plan to combat money laundering and terrorist financing, in addition to plans to fully achieve the desired goals.

Sheikh Abdullah bin Zayed welcomed the Committee's members and underlined their significant role which resulted in raising the technical compliance assessment of the UAE in three important recommendations for combating money laundering and terrorist financing by the Middle East and North Africa Financial Action Task Force (MENAFATF).

Sheikh Abdullah stressed that this success constitutes a great incentive for all parties to continue developing the national system for combating money laundering and terrorist financing.

Hamed Al Zaabi, Director-General of the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism, presented the latest developments made by the concerned authorities since the previous meeting of the Higher Committee.

Meanwhile, Amna Mahmoud Fekri, the Director of the Economic and Trade Affairs Department at the Ministry of Foreign Affairs and International Cooperation, conducted a presentation on the ministry's efforts in managing the priorities of external coordination and international cooperation within the file of anti-money laundering and terrorist financing.

The members also reviewed the country's most prominent achievements in combating money laundering and terrorism, including completing the risk assessment for the sectors most vulnerable to money laundering and terrorist financings, such as the gold and precious metals, the lawyers and the non-profit association sector, which will contribute to developing appropriate plans to reduce the risks and challenges facing these sectors.

The committee discussed the great progress achieved in the inventory of the real beneficiary data for companies registered in the country, as this data was provided to more than 73.3 percent of the total companies, compared to less than 5 percent of the targeted data less than two months ago. This re-affirms the commitment of the public sectors in implementing requirements and standards for combating money laundering and terrorist financing.

The meeting also touched on the latest updates related to the financial sector. The members were briefed on the efforts that increased money laundering investigations with a focus on complex, high-risk, trade-based money laundering and tax evasion cases.

The meeting was attended by Obaid Humaid Al Tayer, Minister of State for Financial Affairs; Sultan bin Saeed Al Badi Al Dhaheri, Minister of Justice; Abdullah bin Touq Al Marri, Minister of Economy; Ahmed Ali Al Sayegh, Minister of State; Khaled Mohamed Al Tameemi, Governor of the Central Bank of the UAE; and Ahmed Al Dhaheri, Head of State Security; among other senior officials.