AML/CTF Executive Office concludes second PPP Committee meeting

Established earlier this year, the PPPC, which is organised under the AML/CTF Executive Office was created as an official platform to bring together relevant governmental agencies and the private sector for the purpose of consultation and sharing of experiences in anti-money laundering, counter-terrorism financing, and counter proliferation financing.

Commenting on the most recent meeting, Committee Chairman Mohamed Shalo said, "The PPP Committee is another key initiative under the UAE’s AML/CTF strategy and action plan. Combatting money laundering and targeted financial crimes and their implied risks to the financial system require strong collaboration between public and private sectors. As the first Committee of its kind in the region, we are seeking to establish a framework through which the exchange information between entities can occur in a proper, well-governed manner, while raising awareness amongst relevant stakeholders. While the Committee is currently comprised of 37 members from across the public and private sectors, it is our intention to continue our outreach to the private sector, as it constitutes a key driver for our agenda."

"In the coming weeks, we will engage in a series of meetings and workshops with organisations including Central Bank, Ministry of Economy, Ministry of Justice, Securities and Commodities Authority, ADGM and DIFC, which will include the participation of a select group of respective stakeholders, thereby enhancing our knowledge of the challenges ahead," he added.

Commenting on behalf of HSBC MENAT, Collin Lobo, Chief Compliance Officer and Head of Financial Crime Compliance, said, "HSBC is committed to helping protect the financial system and we want to use our scale and global footprint to make a positive contribution to fighting financial crime in the economies and communities where we live and work. HSBC is a strong proponent of public-private partnerships and information-sharing initiatives, and we play an active role in such partnerships globally. Financial crime is a complex, long-term challenge. No organisation can solve the problem on their own. Sharing information is vital. By sharing their complementary sets of information, banks and law enforcement agencies can better focus their collective efforts to safeguard society."

Speaking on behalf of the Dubai Gold and Jewellery Group, Chairman Tawhid Abdulla, said, "As a sector of high economic impact, the precious metals and stones sector is committed to align with the federal legislations related to anti-money laundering and achieve high levels of international compliance. We are pleased to participate in the very efficient Public Private Partnership Committee which is unique to UAE; under this partnership with various government departments, we aim to enhance awareness and encourage high levels of compliance to the regulations. Our agenda would be to introduce more comprehensive trainings, guidance on improving internal controls and usage of technology to advance the progress made so far."

Speaking on behalf of First Abu Dhabi Bank, Muzaffar Ahmed Khan, Group head of Financial Crime, said, "The formation of a Public-Private Partnership Committee is indeed a great initiative for the nation, which will support the UAE’s commitment in fighting crimes, money laundering, terrorism financing and illicit activities through collaboration and sharing vital information."

Thomas Lee, Standard Chartered Bank’s Head of Financial Crime Compliance, said, "The creation of this PPP demonstrates the UAE’s firm commitment to working collaboratively across public sector and private sector with the common goal of fighting organised crime, corruption and terrorist funding. Having been involved in the creation of a similar PPP in the UK back in 2015 and having seen its success year-on-year, I have high hopes for the UAE’s PPP, and I am honoured to be part of it. The UAE joins the growing list of PPPs created in major financial centres such as the USA, UK, Hong Kong, Singapore etc. The UAE’s PPP committee consists of very knowledgeable and experienced members from across the sectors. Working together, we shall undoubted make the UAE an even safer place to do business."

Commenting on the meeting, Christos Christou, Chief Compliance Officer, Lulu Financial Holdings, said, "As a professional AML practitioner, I am honoured to be a member of the PPPC of the UAE Executive Office of AML/CTF and to offer my professional assistance. I believe that the Executive Office shall contribute the maximum to the overall UAE efforts to counter money laundering and terrorism financing and protect the country and its financial system from such illegal activities. I also believe that our views and suggestions within the Committee, as the private sector, shall aim to increase the effectiveness and efficiency of the Executive Office’s actions and to achieve its objectives."

Under its current structure the PPPC comprises 17 public and 21 private sector entities, including major international banks such as Barclays and Standard Chartered, HSBC and First Abu Dhabi Bank, and exchange houses including Al Ansari. The PPPC’s next series of meetings is expected to be announced shortly.