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New PPP sub-committee formed under the leadership of the Executive Office

August 11, 2021
government

ABU DHABI, 10th August, 2021 (WAM) -- The Executive Office of the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) led a high-level meeting including sixteen branches of government which will form the new public-private partnership sub-committee designed to enhance the country’s response to money laundering and counter terrorism activities.

Established as part of the national leadership’s strategy to uphold international best practice across its financial systems, eleven articles were drawn up during the initial meeting which included stakeholders from the Central Bank of the UAE, Ministry of Economy, Ministry of the Interior, Ministry of Justice, Federal Public Prosecution, Public Prosecution Offices in the emirates of Abu Dhabi, Dubai and Ras Al Khaimah, Ministry of Finance, Securities and Commodities Authority, Federal Customs Authority, Federal Tax Authority, Dubai Financial Services Authority in the Dubai International Financial Centre, Financial Services Regulatory Authority of Abu Dhabi Global Market, Financial Information Unit and the Executive Office of the Committee for Goods Subject to Import and Export Control.

Articles established during the initial session included providing a common platform for stakeholders to communicate, increasing communication between the private sector and the world of money laundering and terrorism financing, transferring knowledge between the public and private sectors, and establishing and operating legal mechanisms to ensure confidentiality.

Commenting on the initial meeting, Hamid Al Zaabi, Director-General of the Executive Office for Anti-Money Laundering and Counter Terrorism Financing, said, 'In line with our leadership’s vision for a unified response to money laundering and counter terrorism financing that works in close coordination with all relevant public and private sector entities, the establishment of this sub-committee is the foundation on which we will build a robust, national response that shares its resources for a strengthened outcome in our fight against illicit financing.'

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