UAE welcomes US Treasury delegation
ABU DHABI: The Ministry of Foreign Affairs and International Cooperation (MOFAIC) welcomed a US Department of the Treasury delegation led by Paul Ahern, Acting Assistant Secretary and Principal Deputy Assistant Secretary of the Office of Terrorist Financing and Financial Crimes, to discuss a range of issues related to anti-money laundering and countering the financing of terrorism (AML/CFT).
During the visit, Sheikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, held discussions with Ahern and the Chair of the Higher Commitee Overseeing the National Strategy on AML/CFT.
Ahern also had an opportunity to engage in meetings with Ahmed Al Sayegh, Minister of State, Khaled Mohamed Balama Al Tameemi, Governor of the Central Bank, and senior officials from UAE supervisory and regulatory agencies.
During these meetings, UAE officials updated the US Treasury delegation on the various initiatives and advancement taken by the UAE to improve the effectiveness of its AML/CFT regime, including the establishment of the Executive Office for AML-CFT and the ongoing work of the National Commitee for AML/CFT.
Discussions broadly focused on the UAE’S initiatives and advancements to improve its AML/CFT regime and the work being undertaken by the six AML/CFT National Sub-commitees, including:
An overview of the UAE’S AML/CFT National Strategy (2020-2023).
The steps taken to enhance private sector outreach on AML/CFT issues, including recent targeted engagements for senior executives of Financial Institutions and Designated Non-financial Businesses and Professions, and the establishment and launch of a long-term Public Private Partnership framework.
The ongoing efforts of financial supervisors to effectively mitigate money laundering and terrorist financing risks.
How the Central Bank and the Financial Intelligence Unit are working increasingly closer with financial institutions to facilitate the reporting of suspicious transactions.
An update on progress on the implementation of regulations pertaining to beneficial ownership and the National Economic Register.
An overview of recent guidance and enforcement actions undertaken relating to Designated Non-financial Business and Professions (DNFBPS).
How the UAE is approaching advancement in the use of virtual assets and the regulatory steps being implemented to ensure international compliance requirements are being met.