H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, has chaired the 17th Meeting of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism.
During the meeting, the attendees reviewed the UAE's commitment to continue developing its national system to combat money laundering and terrorist financing.
The latest developments in the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism and the Financial Action Task Force (FATF) action plan were presented, as well as the outcomes of the International Cooperation Review Group meeting that took place on 12th January 2023.
The Committee stressed the importance of continued efforts by all entities and task forces to ensure the system’s effectiveness and sustainability in confronting financial crime and the risks posed by money laundering and terrorist financing.
The Executive Office of Anti-Money Laundering and Counter-Terrorism Financing delivered a presentation on progress made in implementing the action plan, including in the areas of international cooperation, supervision of the financial sector and Designated Non-Financial Businesses and Professions sector, company registrars, financial information, investigation of money laundering, targeted financial sanctions, and combating proliferation financing.
The presentation included a brief on progress made in handling international cooperation requests, increasing human resources in regulatory authorities, enhancing the effectiveness of applying a risk-based approach, and taking enforcement actions against non-compliant companies.
The presentation also covered developments in the use of financial intelligence in money laundering investigations and the increase in resources within the Financial Intelligence Unit.
For company registrars, the presentation included the latest developments with regard to the risk assessment of legal persons and the use of a risk-based approach by company registrars. Regarding targeted financial sanctions and proliferation financing, the Committee reviewed the UAE’s success in meeting requirements in this area.
During the meeting, Abdullah bin Touq Al Marri, Minister of Economy, elaborated on the efforts undertaken by the Ministry as a supervisory authority in implementing the National Strategy on AML/CFT and the operational and executive plans to carry out various initiatives and activities.
He highlighted the focus on upskilling employees and building the appropriate technical systems to assist in fulfilling the requirements of the country’s mutual evaluation. Moreover, he noted, authorities continue to hold awareness and training workshops for the private sector and company registrars in the UAE, including those in free zones.
He added that the Ministry of Economy held more than 22 workshops in this regard with the participation of 13,026 attendees from the private sector in 2022 and 27 meetings with company registrars through the Sub-Committee of Company Registrars in the UAE to effectively implement plans, raise awareness, and promote better understanding among registrants about the requirements of beneficial ownership procedures and implementation of the integrated national AML/CFT system.
He also underscored the Ministry of Economy’s efforts in conducting inspections on nearly 440 companies from the Designated Non-Financial Businesses and Professions sector, which led to the issuance of 42 warnings and 125 fines amounting to approximately AED9.45 million on non-compliant companies.
Furthermore, he emphasised that the Ministry is moving forward with the implementation of a reinforced AML/CFT system in an effective and deterrent manner to ensure a safe and welcoming economic environment for businesses operating in the country.
Hamid Al Zaabi, Director-General of the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing, noted there was a significant increase in outgoing mutual legal assistance, which exceeded 200 requests. Regulatory authorities continued their supervisory programmes and conducted more than 750 on-site examinations last year, in addition to off-site reviews, which led to enforcement actions and penalties valued at AED75 million.
Company registrars also imposed penalties on non-compliant companies and fined 3,000 entities, while money laundering investigation cases exceeded 270 and led to the confiscation of over AED3 billion in illicit criminal proceeds.
During the meeting, the work plan for the coming period was approved, including the requirements of fulfilling the FATF action plan, as well as preparations for on-site visits and training and qualification programmes for concerned authorities.
The meeting was attended by Abdulla bin Touq Al Marri, Minister of Economy; Abdullah bin Sultan Al Nuaimi, Minister of Justice; Shamma bint Suhail Al Mazrui, Minister of State for Community Development; Ahmed Al Sayegh, Minister of State; Khaled Balama Al Tameemi, Governor of the Central Bank of the UAE; and Lt. Gen Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police.
Rashed Saeed Al Amri, Undersecretary for Government Coordination at the Presidential Court; Saeed Mubarak Al Hajeri, Assistant Minister for Economic and Trade Affairs; Ibrahim Mohammed Al Zaabi, Director-General of the State Security Service; Hamid Saif Al Zaabi, Director-General of the Executive Office of Anti-Money Laundering and Counter Terrorism Financing, and Ahmed Burhaima, Director of the Economic and Trade Affairs Department at the Ministry of Foreign Affairs and International Cooperation, were also present.
