The United Arab Emirates’ Executive Office for AML/CFT and the Executive Office of the Committee for Goods and Materials Subject to Import and Export Control have launched a comprehensive assessment of proliferation financing risks in the UAE. The assessment was initiated in recent weeks and is expected to be completed by the end of 2022.
The project will be led by the Executive Office of the Committee for Goods and Materials Subject to Import and Export Control in coordination with UAE stakeholders and the private sector.
The proliferation financing risk assessment will assist the UAE’s public and private sectors in implementing new requirements to identify, assess, and understand proliferation financing risk with the aim of developing appropriate measures to mitigate or reduce risk.
The risk assessment will cover how financial resources may be used in the development of nuclear, chemical, and biological weapons, including the means, technologies, and dual-use goods used in their delivery. It will also emphasize the private sector’s obligations under UAE law.
His Excellency Hamid Al Zaabi, Director General of the UAE Executive Office of AML/CFT, said: “The UAE is a strong supporter of non-proliferation and recognizes the key role it plays as a center for trade and investment. We are pleased to launch this first national risk assessment on proliferation financing to formalize the UAE’s existing efforts to combat this critical global problem. Developing a thorough understanding of risk will lead to stronger preventative policy development and implementation of counter-proliferation financing measures by entities in the UAE. Our work will also raise awareness among the public and private sectors and encourage all stakeholders to continue to improve their investigations and prevention of proliferation financing activity within the global financial system.”
For his part, His Excellency Talal Mohammed Al Tenaiji, Director of the Executive Office of the Committee for Goods and Materials Subject to Import and Export Control, stressed the office’s role in leading the project and forming teams specialized in collecting and analyzing information. These teams have prepared a report that identifies threats and weaknesses and puts forth legislative and technical action plans to mitigate proliferation financing.
His Excellency also indicated that this project will provide an opportunity for national authorities to highlight their efforts in combating such threats and their role in protecting the global financial system, adding that the national assessment is an essential pillar in strengthening cooperation among regulatory authorities, law enforcement agencies, and the Executive Office of the Committee for Goods and Materials Subject to Import and Export Control.
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