The Executive Office of the Committee for Goods Subject to Import and Export Control will lead this project, which began in the past weeks and is expected to be completed by the end of 2022, as the local authority that leads the mechanisms for implementing the targeted financial sanctions, in coordination with stakeholders in the government sector and with the private sector in the UAE. .
The assessment of proliferation risks will assist the public and private sectors in implementing the new requirements for identifying, assessing and understanding proliferation financing risks, with a view to developing appropriate measures to control and reduce the risks or reduce them to acceptable levels.
The risk assessment will cover all dimensions of how financial resources will be used in the development of nuclear, chemical or biological weapons, including the means, technologies and dual-use goods that are used in carrying out these operations.
The evaluation will also focus on the obligations of the private sector as stipulated in the federal laws and regulations in the UAE.
Commenting on the assessment, Hamed Al Zaabi, Director General of the Executive Office for Countering Money Laundering and Terrorist Financing, said: “The UAE strongly supports non-proliferation mechanisms and attaches great importance to the key role it plays as a vital center for trade and investment. We are pleased with the success of the endeavors that led to the first comprehensive national assessment. The risks of financing the proliferation of weapons prove the efforts that the UAE is currently making to confront this challenge that surrounds many countries around the world.This assessment will help us understand the risks and identify the challenges that we face, which will help us strengthen preventive policies and implement effective measures to combat the financing of arms proliferation by existing authorities. In the UAE, our efforts will also contribute to raising awareness among the public and private sectors about the importance of these risks and encourage the concerned authorities to continue improving monitoring and investigation procedures in order to reduce arms proliferation financing activities in the context of the global economic and financial system.”
For his part, Director of the Executive Office of the Committee for Goods Subject to Import and Export Control, Talal Al Tunaiji, stressed the office’s role in leading the project and forming work teams specialized in collecting and analyzing information and preparing a report that includes all threats and weaknesses and necessary action plans at the legislative and technical levels with the aim of mitigating the risks of financing the proliferation of arms and drying up Its sources, according to the Emirates News Agency, “WAM”.
Al Tunaiji indicated that this project will provide an opportunity for all national authorities to highlight their efforts in combating such threats and their role in protecting the global financial system, adding that the national assessment of the risks of arms proliferation will be considered a fundamental pillar in strengthening national cooperation at the level of supervisory authorities, law enforcement agencies and the office. Commodity Committee Executive.