Dubai: UAE authorities have launched an assessment into proliferation financing risks in the country, it was announced on Wednesday.
The assessment will assist the UAE’s public and private sectors in implementing new requirements to identify, assess, and understand proliferation financing risks as well as develop appropriate measures to mitigate or reduce the risks.
Preventing proliferation financing plays a key role in combatting proliferation. It helps disrupt the financial flows available to proliferators and obstructs the procurement of the illicit goods, services and technology.
The assessment, launched by the UAE’s Executive Office for AML/CFT and the Executive Office of the Committee for Goods and Materials Subject to Import and Export Control, is expected to be completed by the end of 2022.
“The UAE is a strong supporter of non-proliferation and recognises the key role it plays as a centre for trade and investment. We are pleased to launch this first national risk assessment on proliferation financing to formalise the UAE’s existing efforts to combat this critical global problem. Developing a thorough understanding of risk will lead to stronger preventative policy development and implementation of counter-proliferation financing measures by entities in the UAE. Our work will also raise awareness among the public and private sectors and encourage all stakeholders to continue to improve their investigations and prevention of proliferation financing activity within the global financial system,” said Hamid Al Zaabi, Director General of the UAE Executive Office of AML/CFT.
Talal Mohammed Al Tenaiji, Director of the Executive Office of the Committee for Goods and Materials Subject to Import and Export Control, stressed the office’s role in leading the project and forming teams specialized in collecting and analyzing information. These teams have prepared a report that identifies threats and weaknesses and puts forth legislative and technical action plans to mitigate proliferation financing.