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UAE Central Bank meets lenders to increase co-operation on anti-money laundering regulations

June 16, 2021
banking

Meeting focused on ways to improve country's battle against money laundering regulations

The Central Bank of the UAE and the Ministry of Foreign Affairs and International Co-operation conducted a meeting with all onshore financial institutions to increase efforts against money laundering, the regulator said on Tuesday.

The meeting, which was co-chaired by Khaled Balama, Governor of the UAE Central Bank, and Ahmed Al Sayegh, Minister of State, highlighted the crucial role played by the private sector in strengthening the UAE’s protection against financing of terrorism and money laundering.

Improvements were sought in line with the Financial Action Task Force, the global entity responsible for promoting effective legal, regulatory and operational ways to battle the problems.

Mr Balama said unifying efforts in the country contributed to the task force's regional branch recently raising the UAE’s rating to “largely compliant”.

'We can continue building on this success through a close partnership between the public and private sectors,' he said.

The UAE has issued various regulations to fight money laundering and fight the financing of terrorism.

This year, the country set up a new agency to identify money launderers and those suspected of financing terrorists and organised crime.

The Central Bank on Saturday issued guidance to lenders and other licensed institutions to report activities they suspect may be linked financial crime.

Its latest meeting was attended by senior executives from the UAE Financial Intelligence Unit, the executive office of the Anti-Money Laundering and Countering the Financing of Terrorism department, and chief executives of corporations regulated by the Central Bank and the Securities and Commodities Authority.

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