UAE, US discuss financial sector issues
Local banks to comply with US and international regulations
Dubai: A high-level delegation led by US Treasury Secretary Steven Mnuchin met with Abdul Aziz Al Ghurair, chairman of the UAE Banks Federation (UBF), and discussed key banking and financial issues crucial to US-UAE bilateral interests.
“Over the years, there has been extensive collaboration between the United States and the UAE to jointly fight the money laundering and terrorist financing menace. By working closely with the United States and other international partners, the UAE is demonstrating its commitment to confront, degrade and eradicate terrorism and extremism across the Middle East and worldwide,” said Al Ghurair.
UAE banks work closely with the Gulf country’s central bank to ensure adherence to Financial Action Task Force (FATF) recommendations on combating money laundering and the financing of terrorist activities.
“Banks in the UAE seek to ensure that they operate in compliance with the US and international anti-money laundering and sanctions requirements and would welcome any additional platforms or means of cooperation with the US Treasury to support these objectives, in coordination with our own regulatory authorities,” Al Ghurair said.
The Middle East North Africa Financial Crime Compliance Group (Mena FCCG) was established in September 2016 as a voluntary body comprised of leading Mena banks, with the objective of facilitating collective action in the fight against money laundering and terrorism financing in the region.
Al Ghurair briefed the US team on various initiatives undertaken by the UBF to promote a sustainable banking ecosystem in the UAE and help its member banks to raise the standards in line with global best practice.