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The joint meeting of the Financial Action Task Force (FATF) and Middle East & North Africa Financial Action Task Force (MENAFATF) opened today in Abu Dhabi with the participation of delegates representing 60 countries.
The plenary meeting was inaugurated by HE Sultan Bin Nasser Al Suwaidi, Governor of the UAE Central bank and Chairman of the national Anti-Money Laundering Committee of UAE on behalf of Central Bank of the UAE, the National Anti-Money Laundering Committee (NAMLC), and the Anti-Money Laundering and Suspicious Cases Unit (AMLSCU) of the UAE.
Al Suwaidi expressed his hope that the joint meeting will be a milestone in terms of cooperation and coordination among the member countries and their FIUs aimed at encountering, Money Laundering, Terrorist Financing and related activities.
"We are working hard in the UAE and the region for the success of these endeavors for the purpose of protecting our countries and our financial systems from the dangers and negative effects of these crimes", he said.
Al Suwaidi noted that Anti-Money Laundering and countering of terrorist financing techniques have undergone radical shifts. New technologies and products have brought with them new challenges.
"We have to be aware of these emerging threats and challenges and exchange information to bolster our defenses. There is no room for complacency in the fight against money laundering and terrorist financing. Constant vigilance and global cooperation is the key to winning the fight", he stressed Al Suwaidi said that the UAE has always been in the forefront in the fight against crimes of all types, devising clear strategies and currying out such strategies in a coordinated manner though the workings of our NAMLC and our FIU.
In his speech Al Suwaidi explained at length, the efforts in this regard which included Joining international and regional anti-money laundering and combating of terrorist financing efforts, implementing UN Security Council Resolutions regarding subjects and issues relating to money laundering crimes, terrorist financing and related crimes and implementing the FATF 40 Recommendations relating to money laundering.
It also included establishment of appropriate legal frameworks to safeguard the UAE economic security and ensuring a proactive role in the international community’s efforts to fighting all crimes, as well as several other initiatives, efforts and cooperation with other organisations, Establishment of regulations and procedures aimed at protecting financial and commercial establishments, as well as members of the society and all civil society establishments were also among these efforts, Suwaidi said.
"UAE, being a signatory to the non-proliferation treaty (NPT) is fully committed to combating nuclear proliferation and therefore endorsed the Global Initiative to Combating Nuclear Terrorism (GICNT)", Suwaidi added.
FATF President Samir Ibrahimi welcomed the member countries’ commitment in the fight against money laundering, terrorist financing and proliferation financing.
"Your commitment also supports the view that the threats that we face are not erased and that - despite our efforts already undertaken - much remains to be done; globally, in FATF countries, and in this region," he said.
"The FATF family, if I may say so, is well placed for the battle against money laundering and terrorist financing. FATF started with 16 members 20 years ago: today it has 35, among which the Gulf Cooperation Council. Apart from this development, and equally important, another 145 jurisdictions worldwide have committed over the past 20 years to the principles and goals of FATF and organised themselves in 8 sister organisations or FATF style regional bodies. I will refer to these bodies as FSRB’s: MENAFATF is one of the important FSRB’s."
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