In order to combat money laundering and terrorist financing, public and private sectors must work in partnership.

By establishing closer ties between public and private entities, the UAE can ensure all data received from the private sector is accurate, complete, and actionable in all agencies from supervisory authorities to the judiciary’s collective fight against illicit finance.

To oversee the implementation of the UAE’s National AML/CFT Strategy and National Action Plan (NAP) established the Executive Office for AML/CFT, the program of reforms designed to strengthen the UAE’s anti-financial crime system.

The Executive Office’s responsibilities include:

-Improving national and international coordination and cooperation on AML/CFT issues at the policy and operational levels. -Tackling money laundering and terrorist financing threats by working with regional and international groups. -Actively increasing information sharing between law enforcement agencies, supervisors, and the private sector.

This is done in conjunction with the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organizations (NAMLCFTC) and the Ministry of Foreign Affairs and International Cooperation (MoFAIC).

-Exploring and enhancing legislation, in coordination with MoFAIC and relevant UAE entities, to further strengthen the UAE’s current AML/CFT framework

“By working closely together we will be much more effective in safeguarding the integrity of the UAE and the international financial system. That is why we have convened these sessions. We want to promote public-private partnership. In doing so, we want everybody to know the important role that our business and financial community plays in protecting us from the threats of money laundering and terrorist financing”, Ahmed Ali Al Sayegh, UAE Minister of State, said.

(Source: www.khaleejtimes.com)