UAE engages more experts in anti-money laundering move
These professions are critical to the UAE’S efforts to enhance its AML/ CFT framework and act as ‘gatekeepers’ to prevent financial crime from proliferating in the local and global economy
Ahmed Ali Al Sayegh, Minister of State; alongside Abdalla Sultan Alfan Al Shamsi, Assistant Under-secretary for Monitoring and Follow Up at the Ministry of Economy (MOE); and Bryan Stirewalt, Chief Executive, Dubai Financial Services Authority (DFSA), brought together executives from Designated Non-financial Businesses and Professions (DNFBPS) to raise awareness and understanding of anti-money laundering and combating the financing of terrorism (AML/ CFT) in the UAE.
The two dedicated sessions — one focusing on onshore DNFBPS and the other offshore DNFBPS — discussed the UAE’S AML/CFT framework and practical actions to improve public-private sector collaboration in this area.
Led by UAE government authorities, more than six hundred DNFBP constituents joined the sessions to sharpen their understanding of key risks in the DNFBP sector, regulatory and enforcement developments and the importance of enhanced engagement between the public and private sectors to prevent financial crime.
The sessions addressed the private sector’s efforts in working with the UAE government to combat financial crime, with a particular focus on the role of DNFBPS within the UAE’S economy and more importantly their critical role in harnessing a strengthened AML/CFT system. DNFBPS include professions with heightened AML/CFT exposures outside of the financial services sector, including the precious metals industry, trust and corporate service providers (TCSPS), consultants, auditors, external accountants and those acting in the legal and real estate sectors. These professions are critical to the UAE’S efforts to enhance its AML/CFT framework and act as ‘gatekeepers’ to prevent financial crime from proliferating in the local and global economy.
Government participants included representatives from the Ministry of Economy, the Ministry of Justice, the Ministry of Foreign Affairs and International Cooperation, the Executive Office for AML/CFT, DFSA, Abu Dhabi Global Market (ADGM), and Ras al Khaimah Economic Zone (RAKEZ).
At the sessions, Al Sayegh, Al Shamsi and Stirewalt, alongside experts from across the UAE government, underlined that the pervasive and evolving nature of financial crime requires mobilising the resources, strengths, and experience of both the public and private sectors, with DNFBPS playing a unique role in sharing information and implementing strong AML/CFT compliance frameworks. The event highlighted that it is only through the collective efforts of government, regulators, law enforcement, the judiciary and financial and non-financial businesses that the UAE — and the international community at large — can effectively respond to the threat of financial crime.
The primary objective of the UAE’S engagement with onshore and offshore DNFBPS is to raise awareness of the risks they face and how to best mitigate these risks and their negative consequences on the country’s AML/ CFT structure. In doing so, the importance of applying customer due diligence, particularly in detecting and reporting suspicious activity and transactions was discussed. DNFBPS were made aware that an important focus is on the monitoring, reporting and analysis of suspicious activity through the Suspicious Activity Reporting (SAR) regime, the corporate registries, and other information-sharing channels. By forming closer ties between public and private entities, the UAE can ensure that data received from DNFBPS is accurate, complete and actionable to assist all agencies — from the supervisory authorities to the FIU and the judiciary — in their collective fight against illicit finance.
Ahmed Al Sayegh said, “An effective system to combat money laundering and terrorist financing begins with an active and engaged partnership between the public and private sectors. Financial Institutions have a core role to play, but so do DNFBPS. This involves identifying, assessing and taking preventative action to mitigate the risks of being involved in facilitating the transfer of illicit proceeds for money laundering or terrorist financing purposes. “The UAE government has invested significantly in its law enforcement agencies and financial intelligence unit. By working closely together we will be increasingly effective in safeguarding the integrity of the financial system.”