UAE, UK host anti-money laundering training sessions
The Ministry of Foreign Affairs and International Cooperation and UK's Her Majesty's Revenue and Customs held a series of joint technical training workshops on anti-money laundering and countering the financing of terrorism, in March and April 2021.
The workshops, hosted by the HRMC's team of experts, provided an opportunity to share the latest advances in AML/CFT thinking as part of the UAE's ongoing efforts to raise awareness, build technical expertise, and further strengthen its supervisory system.
Key institutions from across the UAE benefitted from the skills and knowledge exchange, including the Ministry of Economy, Federal Customs Authority, and the Central Bank.
The workshops were designed to share the UK Government's leading approach, experience and latest AML/CFT methods, with a focus on several specific target areas of risk, including: Trade-based money laundering, including the misrepresentation of price, quantity or quality of goods moved through international trade such as in the precious metals sector.
Money Service Businesses (MSBs), including understanding AML/CFT risks in the remittance, currency exchange, and cheque cashing markets.
Money laundering in high-risk sectors such as Trust and Corporate Service Providers (TCSPs), real estate, and high-value dealers. Information sharing, including the planning and preparation for open-source and other detailed crossgovernment investigations.
"We are pleased to partner with HMRC to lead these technical workshops covering a number of important AML/CFT subject areas.
This robust knowledge exchange will support and better bolster the UAE's capabilities in effectively addressing financial crime issues and to assist in building a stronger and more sustainable financial ecosystem," said Amna Fikri, Director of the Economic and Trade Affairs Department, UAE Ministry of Foreign Affairs and International Cooperation
The joint training sessions hosted with the United Kingdom form a key part of the UAE's wide range of activities to prevent money laundering and terrorist financing, including initiatives to facilitate international and domestic cooperation.
"Money laundering and criminal financing are an international problem that requires international cooperation. The United Kingdom is not the only country facing these threats and that is why we work closely with international partners like the UAE to share our skills, experience, and understanding to address these important issues," said Simon York, Director and Chief Investigation Officer of Fraud Investigation Service, HMRC.
Meanwhile, First Abu Dhabi Bank (FAB) has launched the process to acquire 100 per cent of the Egypt operations of Lebanon's Bank Audi after winning regulatory approval. Once the share transfer is complete, FAB will begin integrating the assets and operations of Bank Audi sae (Egypt) and FAB Egypt, with the integration process expected to be finalised in 2022.
This will make FAB one of Egypt's largest foreign banks by assets, with more than 130 billion Egyptian pounds ($8.5 billion) as of December 31, 2020. Hana Al Rostamani, Group CEO of FAB, said: "This acquisition represents an important strategic milestone for FAB's international ambitions, accelerating FAB Group's expansion in a highpotential market.
"It will significantly increase the size, scale and experience of FAB Egypt, adding greater depth and reach to the value we offer our customers both locally and globally. FAB has a long history in Egypt, and we stand fully committed to supporting our new and existing customers across a full range of retail and corporate banking needs." FAB has had a presence in Egypt since 1975. FAB Egypt's CEO, Mohamed Abbas Fayed, could be confirmed as Country CEO of the combined entity, following an independent due diligence and selection process. Fayed joined FAB in 2019 and was previously Bank Audi sae (Egypt) chief executive and managing director.