Central Bank of UAE seeks private sector participation in anti-money laundering efforts

Central Bank of UAE
The Central Bank of UAE (CBUAE) is actively seeking the participation of UAE’s private sector in its anti-money laundering and combating the financing of terrorism (AML/CFT) efforts. Image Credit: Central Bank of UAE

Abu Dhabi: The Central Bank of UAE (CBUAE) is actively seeking the participation of UAE’s private sector in its anti-money laundering and combating the financing of terrorism (AML/CFT) efforts.

Khaled Mohamed Balama, Governor of the Central Bank of the UAE on Tuesday, co-chaired a meeting in the attendance of the CEOs of all onshore financial institutions in the UAE, held by the Ministry of Foreign Affairs and International Cooperation (MoFAIC) along with Ahmed Ali Al Sayegh, Minister of State.

The meeting highlighted the UAE’s anti-money laundering and combating the financing of terrorism (AML/CFT) efforts, with an emphasis on the crucial role played by the private sector in strengthening the UAE’s AML/CFT system.

“We are pleased to see the integration of efforts between the private and public sectors. The meeting today held in cooperation with MoFAIC is a key testament that unifying efforts has contributed to raising the UAE’s compliance to “largely compliant” as announced by MENAFATF yesterday. We can continue building on this success through a close partnership between the public and private sectors,” said Balama.

Discussions revolved around the enhancement of the UAE’s AML/CFT framework as identified by the Financial Action Task Force, the global standard-setter and international body responsible for promoting the effective implementation of legal, regulatory, and operational measures to combat money laundering and terrorist financing.

“We will continue working concertedly towards improving the UAE’s anti-money laundering and combating the financing of terrorism framework as identified by the Financial Action Task Force. CBUAE has made a game-changing shift in the UAE over the past few years as the depth of our regulatory and supervisory processes has expanded,” said Balama.

The meeting was attended by senior executives from CBUAE, MoFAIC, the UAE Financial Intelligence Unit, the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism, and CEOs of several corporations regulated by both CBUAE and the Securities and Commodities Authority.

In addition to the updates provided on key policy, regulatory, and supervisory developments impacting the private sector, the meeting also stressed the importance of public and private sector collaboration in preventing illicit activities.