Dubai: The UAE's anti money laundering operations will be managed under a new entity.
The National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee thus effectively replaces the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism.
All employees of the Executive Office shall be transferred to the former, with Hamid Saif Al Zaabi appointed Secretary-General. The decision to switch responsibility will better integrate 'communication and coordination at all local and federal levels', according to top official.
This follows a decision taken by the UAE Cabinet. "The UAE’s efforts towards anti-money laundering and combating the financing of terrorism are based on an integrated approach," said Khaled Mohamed Balama, Governor of the UAE Central Bank and Chairman of the NAMLCFTC.
“The decision contributes to enabling the UAE to further strengthen its national system, build a strong and sustainable national structure to combat money laundering and terrorist financing, consolidate local institutional capabilities and ensure their sustainability."
What this does is 'effectively' manage and confront the 'risks of money laundering, terrorist financing and financial crimes. This will definitely enhance the competitiveness of the UAE and its leading position as a global financial hub', the Governor added.
