Hamid Al Zaabi . WAM
Gulf Today, Staff Reporter
The UAE Cabinet has given its approval for the creation of the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).
The office will be working on the implementation of the UAE’s National AML/CFT Strategy and National Action Plan (NAP).
This is the programme of reforms designed to strengthen the UAE’s anti-financial crime system.
Hamid Al Zaabi was appointed the Director-General of the Executive Office of the UAE.
The office will be reporting directly to the Higher Committee overseeing the UAE’s National AML/CFT Strategy, chaired by Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation.
"In light of the vision of the UAE’s leadership, and the guidance of the Chair of the Higher Committee overseeing the UAE’s National AML/CFT Strategy, the UAE takes its role in protecting the integrity of the global financial system extremely seriously. The scale and complexity of financial crimes have increased. So too has the UAE’s awareness and understanding of it. That is why the UAE is committed to taking action,” said Al Zaabi.
The office will reinforce UAE’s domestic defences against money laundering and terrorist financing.
It will also serve as the primary national coordinating body on AML/CFT efforts within the UAE. It hopes to enable and better equip UAE in building a strong and sustainable AML/CFT structure in the country.
The office will also be tackling money laundering and terrorist financing threats by working with regional and international groups, such as the Gulf Cooperation Council Working Group on AMLCFT, G20, and the Financial Action Task Force.
The Ministry called on the companies practicing such activities to enhance their awareness and knowledge on the risks of money laundering and keep pace with the government's efforts in this regard.
The Executive Office will oversee the implementation of the UAE’s National AML/CFT Strategy and National Action Plan (NAP), the programme of reforms designed to strengthen the UAE’s anti-financial crime system.
The Federal Decree No. (20) of 2018 on anti-money laundering and countering the financing of terrorism is a fundamental pillar and contributes to raising the effectiveness of the legal and institutional framework of the nation to achieve desired results, in line with the requirements and recommendations of the Financial Action Task Force (FATF).
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