Abu Dhabi: Abu Dhabi Global Market (ADGM) will adopt stringent legislation to prevent money laundering and to combat terrorism funding in line with international standards, its chairman said in Abu Dhabi on Sunday.
“I am confident that we will have a very strong regulatory architecture which encourages the right kind of market participants to come here and to make this their investment hub for the Middle East, Africa and Asia,” said Ahmed Al Sayegh, chairman of Abu Dhabi Global Market at Global Financial Markets Forum.
“We look forward to 2015 being a defining year for us as we prepare to licence the first institutions to begin transacting business from Abu Dhabi Global Market.”
Adgm, the international financial centre in Abu Dhabi, announced in January that it has signed a 50-year lease with Mubadala Development Company to make the Financial Building, owned by Mubadala subsidiary AlSowah Square Properties LLC, on Al Maryah Island ADGM’s headquarters.
He said over the past 12 months they have made significant progress with the development of the three main pillars of ADGM — the Registrar, the Financial Services Regulator and the Courts.
“The Board of ADGM took the innovative step of making English common law on civil and commercial matters directly applicable in our financial centre. This is the first time such an approach has been adopted in the Middle East. A similar approach was taken with great success by Hong Kong and Singapore.”
