UAE’s Economic Integration Committee Highlights Files of Mutual Investigation with FATF

In the latest Economic Integration Committee meeting, the UAE’s financial regulatory authorities reviewed the progress of anti-money laundering measures and highlighted the mutual evaluation with FATF.  

The UAE’s Economic Integration Committee held its fifth meeting of 2023, led by Minister of Economy, Abdulla Bin Touq Al Marri, and participants from different local economic departments across the emirate attended the meeting. The meeting discussed the progress in the national and international financial institutes’ security, including advanced technology to combat money laundering and terrorist financing. They emphasised on promoting innovation and developments in the AML system to secure the integrity of the global economy. In the meeting, they also discussed mutual evaluation with the Financial Action Task Force (FATF) and also examined policies and progress in accordance with international standards and directed disciplinary action on the Commercial Registry Law. 

During the meeting, Bin Tauq stated, “Thanks to the forward-looking vision of our wise leadership, the UAE has established itself as a leading global financial hub that offers all enablers for success for the business sector, investors, and start-ups around the world. This was made possible by a resilient economic legislative ecosystem; a competitive, attractive, and stable business environment; and the further development of infrastructure to be among the best globally. In addition, the incentives and benefits offered by the UAE market and the unique location of the country at the heart of global trade are also contributing factors.”

The Minister of the committee confirmed that they are working constantly to facilitate financial institutes to comply with international watchdog obligations to secure the country’s economic development goal. In order to come up with the best solutions and create deliberate projects meant to support the sustainable expansion of the national economy, the minister talks about measures at the national level and works to combine federal and local efforts. These efforts signal the UAE’s government to enhance the security against financial crime and utilise robust technology to become a hub of a new economy. 

Furthermore, the committee discussed international standards and the country’s AML derivatives, as well as stressed the role of financial organisations in achieving the aim of a secure economy. The Committee examined changes in the UAE’s mutual assessment with the FATF on counterterrorism financing and anti-money laundering measures. The operational action plan for the FATF’s field visit to the Joint Group of Africa and the Middle East in January was reviewed at the event. This visit might strengthen the UAE’s global standing regarding adopting international AML requirements. 

Moreover, the minister also arranged two-day sessions of gold refineries with the AML department head to conduct due diligence in the UAE precious metal supply sector. In January 2023, regulatory authorities implemented AML/CFT regulations on all gold refineries operations. The Organisation for Economic Cooperation and Development (OECD) declared and implemented it everywhere. The action is a component of the Ministry of Economy’s continuous initiatives to improve the country’s AML/CFT framework, especially for businesses and professions classified as non-financial businesses or professionals (DNFBP).

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