UAE, US dis­cuss fi­nan­cial and bank­ing re­la­tions

The Gulf Today - Business - - FRONT PAGE -

ABU DHABI: Ab­du­laziz Al Ghu­rair, Chair­man of UAE Banks Fed­er­a­tion, has re­ceived a high­level del­e­ga­tion led by Steven T. Mnuchin, US Sec­re­tary of the Trea­sury, at a din­ner meeting held in Abu Dhabi. Both par­ties dis­cussed key bank­ing and fi­nan­cial is­sues of US and UAE bi­lat­eral in­ter­est, and ex­plored pos­si­ble ways of col­lab­o­ra­tion to ad­dress them.

Al-ghu­rair said, “We are pleased to host the Sec­re­tary of the Trea­sury, Steven T. Mnuchin, and the high-level del­e­ga­tion, un­der­lin­ing the will­ing­ness and com­mit­ment to fur­ther the de­vel­op­ment of bi­lat­eral co­op­er­a­tion and en­hance­ment of col­lab­o­ra­tion as the meeting of­fers a plat­form to dis­cuss fi­nan­cial and bank­ing is­sues of mu­tual in­ter­est. 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.”

He added, “The UAE is a mem­ber of MENA-FATF and UAE banks work closely with our reg­u­la­tor, the UAE Cen­tral Bank, to­wards en­sur­ing ad­her­ence to FATF Rec­om­men­da­tions on Combating Money Laun­der­ing and Fi­nanc­ing of Ter­ror­ism. Banks in UAE seek to en­sure that they op­er­ate in compliance with US and in­ter­na­tional AML and sanc­tions re­quire­ments and would wel­come any ad­di­tional plat­forms or means of co­op­er­a­tion with US Trea­sury to sup­port these ob­jec­tives, in co­or­di­na­tion with our own reg­u­la­tory au­thor­i­ties.”

Al Ghu­rair also men­tioned that the Mid­dle East North Africa Fi­nan­cial Crime Compliance Group, Mena FCCG, was es­tab­lished in Septem­ber 2016, as a vol­un­tary body com­prised of lead­ing Mena banks with the ob­jec­tive of fa­cil­i­tat­ing col­lec­tive ac­tion in the fight against money laun­der­ing and ter­ror­ist fi­nance in the re­gion.

He also high­lighted that UBF con­tin­ues to play a sig­nif­i­cant role in the bank­ing land­scape. Var­i­ous ini­tia­tives have been un­der­taken by UBF to pro­mote a sus­tain­able bank­ing ecosys­tem in the UAE and help its mem­ber banks to raise the stan­dards in line with global best prac­tices.

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