Abu Dhabi (WAM) contract Executive Office to Combat Money Laundering and Terrorist Financing A meeting of 16 government entities in order to form a new subcommittee for the partnership between the public and private sectors, which aims to strengthen the efforts of the UAE in the face of money laundering and terrorist financing activities.
The decision to establish the subcommittee comes as part of the country’s national strategy to support the application of international best practices through its financial systems and institutions. The General Authority of Ras Al Khaimah, the Securities and Commodities Authority, the Federal Customs Authority, the Federal Tax Authority, the Dubai Financial Services Authority in the Dubai International Financial Center, the Financial Services Regulatory Authority at the Abu Dhabi Global Market, the Financial Information Unit and the Executive Office of the Commodities Committee subject to import and export control. The materials developed during the initial meeting included providing a common platform for the concerned authorities to increase communication and enhance partnership between the public and private sectors in the face of money laundering and terrorist financing, in addition to transferring knowledge and expertise between the two sectors and implementing legal mechanisms to ensure complete confidentiality.
Hamed Al Zaabi, Director General of the Executive Office for Combating Money Laundering and Terrorism Financing, said, “In line with the vision of our wise leadership and its desire for a unified national response in the face of money laundering and terrorist financing, ensuring comprehensive coordination and close cooperation between all relevant bodies and institutions from the public and private sectors, the establishment of This subcommittee is the basis on which we will build a strong national response by sharing resources and expertise in order to achieve effective results in our fight against illicit financing.”