AML/CTF Executive Office concludes second PPP Committee meeting

ABU DHABI, 9th September, 2021 The Executive Office of Anti-money

Laundering and Countering Terrorism Financing (AML/CTF) has concluded its second Public Private Partnership Committee (PPPC) meeting, which included the participation of major businesses and entities from the UAE’S banking, finance, and insurance sectors. Established earlier this year, the PPPC, which is organised under the AML/CTF Executive Office was created as an official platform to bring together relevant governmental agencies and the private sector for the purpose of consultation and sharing of experiences in anti-money laundering, counter-terrorism financing, and counter proliferation financing. Commenting on the most recent meeting, Committee Chairman Mohamed Shalo said, "The PPP Committee is another key initiative under the UAE’S AML/CTF strategy and action plan. Combatting money laundering and targeted financial crimes and their implied risks to the financial system require strong collaboration between public and private sectors. As the first Committee of its kind in the region, we are seeking to establish a framework through which the exchange information between entities can occur in a proper, wellgoverned manner, while raising awareness amongst relevant stakeholders. While the Committee is currently comprised of 37 members from across the public and private sectors, it is our intention to continue our outreach to the private sector, as it constitutes a key driver for our agenda." "In the coming weeks, we will engage in a series of meetings and workshops with organisations including Central Bank, Ministry of Economy, Ministry of Justice, Securities and Commodities Authority, ADGM and DIFC, which will include the participation of a select group of respective stakeholders, thereby enhancing our knowledge of the challenges ahead," he added. Commenting on behalf of HSBC MENAT, Collin Lobo, Chief Compliance Officer and Head of Financial Crime Compliance, said, "HSBC is committed to helping