Abu Dhabi: The Central Bank of the UAE (CBUAE) is actively seeking the participation of the private sector of the UAE in its money laundering and the fight against terrorist financing (AML / CFT). Khaled Mohamed Balama, Governor of the Central Bank of the UAE, co-chaired a meeting of the CEOs of all financial institutions in the United Arab Emirates on Tuesday, held by the Ministry of Foreign Affairs and International Cooperation ( MoFAIC), together with Foreign Minister Ahmed Ali Al Sayegh. The meeting emphasized the UAE’s anti-money laundering and the fight against terrorist financing (AML / CFT), emphasizing the crucial role that the private sector has played in strengthening the AML / CFT system of the UAE. VAE. ‘We are pleased to see the efforts being integrated between the private and public sectors. The meeting, which is being held today in collaboration with MoFAIC, is an important proof that the collaboration of efforts has contributed to the United Arab Emirates ‘great compliance “, as announced by MENAFATF yesterday. We can build on this success by’ a close partnership between the public and private sectors, ”said Balama.
Discussions focused on improving the UAE’s AML / CFT framework, as identified by the Financial Action Task Force, the global standard surveyor and international body responsible for the effective implementation of legal, regulatory and operational measures on money laundering and financing. of terrorism. . ‘We will continue to work together to improve the UAE’s anti-money laundering and to combat the financing of the terrorist framework, as identified by the Financial Action Task Force. “CBUAE has made a change in the United Arab Emirates over the past few years as the depth of our regulatory and oversight processes has expanded,” Balama said. The meeting was attended by senior executives of CBUAE, MoFAIC, the United Arab Emirates’ Financial Intelligence Unit, the Executive Office of Anti-Money Laundering and the Fight against Terrorist Financing, and CEOs of several companies run by both CBUAE and the Securities and Commodities Authority. In addition to the updates on important policy, regulatory and supervisory developments affecting the private sector, the meeting also emphasized the importance of co-operation in the public and private sectors to prevent illegal activities.