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UAE fight Against the laundering Money and terrorism financing

Finance 2021-02-23

The United Arab Emirates is a prominent financial hub in the world.  Dubai Leads the Plenty of international business and international business interests in the economic zone. Due to this profile, financial criminals can target the dubai to do financial activities and convert black wealth into white. So now, the UAE government urges the Central Bank of the UAE (CBUAE)to set up the fight against the Lanudring money and terrorism financing.  Then the Central Bank introduced the surveillance agenda against the anti-money. The Central Bank of the UAE held the first compliance officer forum to create a dialogue between the CBUAE and chief compliance officers of all banks to interact regarding the exception from compliance functions and bank risk management. 

The governor of the Central Bank of UAE met with over 100 chief compliance officers and also with some other senior compliance professionals in the presence of the chairman of UAE banks federation (UBF) Mr. Abdul Aziz Al ghurair.

In the meeting several discussions were done, mainly emphasizing the bank need to access the scope and skills of their compliance function and property embed the compliance risk within the overall risk appetite framework. During the forum, CBUAE introduced the surveillance agenda against the laundering of money and terrorism financing with the particular focus on obeying the action that was recommended by the (FATF) Financial Action Task Force.

The UBF’s Compliance Committee repeated its commitment to support the CBUAE and other authorities to make a stronger anti-money laundering framework.

In the meeting alhamdi said, UAE is strongly committed to applying the FATA standard for a safe and secure financial system in the UAE. We encourage the financial institutes to keep their focus on money laundering and terrorism financing. The chief of compliance officers is also the partner of this journey. We are expecting that CBUAE will provide a solid platform for regulatory dialogue with the industry.

 

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