Compliance, laundering top UAE-US talks agenda

Ahigh-level delegation led by US Treasury Secretary Steven Mnuchin met with Abdul Aziz Al Ghurair, chairman of the UAE Banks Federation (UBF), and discussed key banking and financial issues crucial to US-UAE interests.

“Over the years, there has been extensive collaboration between the United States and the UAE to jointly fight the money laundering and terrorist financing menace. By working closely with the United States and other international partners, the UAE is demonstrating its commitment to confront, degrade and eradicate terrorism and extremism across the Middle East and worldwide,” said Al Ghurair.

UAE banks work closely with the Central Bank to ensure adherence to Financial Action Task Force (FATF) recommendations on combating money laundering and the financing of terrorist activities.

Cooperation platforms

“Banks in the UAE seek to ensure that they operate in compliance with the US and international anti-money laundering and sanctions requirements and would welcome any additional platforms or means of cooperation with the US Treasury to support these objectives, in coordination with our own regulatory authorities,” Al Ghurair said.

The Middle East North Africa Financial Crime Compliance Group was established in September 2016 as a voluntary body comprising leading Mena banks, with the objective of facilitating collective action in the fight against money laundering and terrorism financing in the region.