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Updated February 24th, 2021 at 19:57 IST

UAE establishes executive office to tackle money laundering, terror financing

Headed by Ambassador H.E. Hamad Obaid Al Zaabi, office was approved by Prime Minister of UAE, Vice President and Ruler of Dubai, Sheikh Mohammed bin Rashid Al.

Reported by: Zaini Majeed
UAE
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The UAE Cabinet, on Tuesday, established an Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) to strengthen the kingdom’s anti-financial crime system, Director of Strategic Communications, Ministry of Foreign Affairs of Abu Dhabi, Hend Al-Otaiba informed in an online post. The office, headed by Ambassador H.E. Hamad Obaid Al Zaabi, was approved by Prime Minister of UAE, Vice President and Ruler of Dubai,  Sheikh Mohammed bin Rashid Al. The AML/CFT was formulated under the UAE’s National Action Plan (NAP), a programme that oversees reforms against money laundering. In order to mitigate the impact on the efficient financial flow due to the criminal economic activities, and promote stability in the market, the UAE government drafted the office which will be chaired by the Kingdom’s Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan, whom the director-general of the executive office of the UAE will directly report. 

In a statement to Emirates News Agency, cited by ANI, Al-Zaabi said: "The executive office is a reflection of the high-level political commitment to establishing and operating a sophisticated financial crime compliance system across all UAE entities.”

Further, he stated, “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.”

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To 'strengthen defences' against financial liabilities

According to Al-Zaabi, the scale and complexity of financial crime have increased in recent times across the UAE, and therefore, the Kingdom was “committed to taking action.” The role of the executive office would be to strengthen defences against financial liabilities such as money laundering and terrorist funding. The AML/CFT, which will operate as the primary national coordinating body, will also focus on effective enforcement of UAE’s anti-money laundering laws. UAE’s Anti-money laundering and Countering the Financing of Terrorism office will work in coordination with the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations and the foreign ministry, the ambassador further stated.

The executive office’s responsibilities include: improving national and international coordination and cooperation on AML/CFT issues at the policy and operational levels; 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 office will also enhance cooperation and information exchange between the different private sectors, law enforcement, in accordance to the UAE Ministry of Foreign Affairs and International Cooperation.

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Published February 24th, 2021 at 20:00 IST

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