Wissam Fattouh, Secretary-General of the Union of Arab Banks, said that the UAE Cabinet’s decision to establish an “Executive Office for Countering Money Laundering and Financing Terrorism”, which aims to oversee the implementation of the national strategy to counter money laundering and terrorist financing, and strengthen the system for combating financial crimes in the United Arab Emirates, is an achievement. Another is in addition to a long series of laws and procedures aimed at reducing these financial crimes due to the increase in their size and complexity.
Fattouh added, "In light of the spread of the Coronavirus pandemic, specifically in September 2020, the Emirates Central Bank requested banks operating in the country to make more efforts to confront money laundering to protect financial stability in the country, as it aims to reduce the risks of financial crimes, as the Central Bank requested from These banks exert more efforts to confront money laundering and combat the financing of terrorism.In November 2020, the UAE Ministry of Economy announced the development of its strategic plan and initiatives to address money laundering practices, with the aim of strengthening its framework in the field of combating money laundering crimes and combating terrorist financing And financing illegal organizations globally, using the highest international standards.
Fattouh continued: The UAE's endeavor to combat money laundering and terrorist financing crimes has always been among the priorities of the UAE government’s attention, as the National Committee for Combating Money Laundering and Combating Terrorist Financing was established in 2000, based on a firm commitment to protect the financial system of the United Arab Emirates. Of illicit financing. The first federal law to combat money laundering was also issued in 2002. In October 2018, Federal Law No. 20 of 2018 was issued in the matter of confronting money laundering crimes and combating the financing of terrorism and financing illegal organizations, with the aim of developing the legislative and legal structure of the state because of its important role in ensuring compliance With international standards for combating money laundering and terrorist financing crimes.
In this regard, the Union of Arab Banks is following up its efforts on the issue of combating money laundering and financing terrorism, as it will organize an important conference under the title "Compliance Challenges and Combating Financial Crimes" in Sharm El-Sheikh - Arab Republic of Egypt, during the period 25-27 March 2021 *, the forum will be held under the auspices of the bank The Egyptian Central Bank and the participation: The Financial Action Group for the Middle East and North Africa - MENAFATF represented by its Chairman and Executive Secretary * Dr. Suleiman Al-Jabreen, Secretary General of the Council of Arab Interior Ministers Dr. Muhammad Koman, Governor of the Central Bank of Egypt Tariq Amer, and Chairman of the Board of Trustees, the Anti-Money Laundering and Financing Unit Terrorism in Egypt, Counselor Ahmed Said Khalil, Chairman of the Board of Directors of the Federation of Egyptian Banks Muhammad Al-Atribi, Chairman of the Board of Directors of the Union of Arab Banks Sheikh Muhammad Jarrah Al-Sabah and Secretary-General of the Union Professor Wissam Fattouh, in the presence of 300 banking, financial and supervisory personalities from many countries and international experts and Arabs in the field Verification and commitment.
Comments
Post a Comment