H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, chaired the twelfth meeting of the Higher Committee Overseeing the National Strategy to Combat Money Laundering and Terrorist Financing.
His Highness and members of the committee were briefed on the progress made by the concerned authorities with regards to combating money laundering and terrorist financing, in addition to the targeted actions and reforms being undertaken in the coming period in preparation for the submission of the UAE’s post observation period report to the Financial Action Task Force (FATF) in October 2021.
During the meeting, the Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) gave a presentation on the advancements made within the country's assessment file with regards to the FATF; the latest developments in the implementation of the national action plan to combat money laundering and terrorist financing, and the most prominent achievements and challenges related to meeting various targets related to FATF recommendations and reflecting it in the UAE’s report as highlighting the efforts of all bodies and task forces in the country.
The Committee was also briefed on national initiatives and projects recently adopted by the National Committee for Combating Money Laundering and the Financing of Terrorism (AML/CFT), including studies related to the legislative framework of non-conviction-based confiscation mechanisms and the confiscation of foreign proceeds of original crime and the guidance for government agencies to implement targeted financial sanctions. The Committee also welcomed the decision to adopt the general framework for the regulation of virtual assets at the state level, which aims to provide a legislative and supervisory mechanism to reduce the risks of money laundering and terrorist financing associated with virtual assets in light of the increasing global recognition and investment in these assets.
The meeting was attended by Obaid Al Tayer, Minister of State for Financial Affairs, Sultan Saeed Al Badi, Minister of Justice, Hessa Buhumaid, Minister of Community Development, Abdulla bin Touq Al Marri, Minister of Economy, Ahmed bin Ali Al Sayegh, Minister of State, Khaled Balama Al Tamimi, Governor of the Central Bank of the United Arab Emirates, Ali Saeed Matar Al Neyadi, Commissioner of Customs and Chairman of the Federal Customs Authority, Lieutenant-General Talal Al Falasi, Director-General of the State Security Department in Dubai, and Lieutenant-General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police.
Also in the attendance were Ibrahim Mohammed Al Zaabi, Director General of the State Security Service, Rashid Al Ameri, Undersecretary for Government Coordination Sector at the Ministry of Presidential Affairs, and Hamid Saif Al Zaabi, Director-General of the Executive Office to Combat Money Laundering and Terrorist Financing, Nasser Ismail, Assistant Undersecretary of Social Welfare at the Ministry of Community Development, Abdulla Al Nuaimi, Director of the Economic Affairs Department The Supreme Council for National Security, and Amina Fikri, Director of the Economic and Trade Affairs Department at the Ministry of Foreign Affairs and International Cooperation.