"Economy and tourism" and"Justice" They launch the first forum on enhancing compliance with anti-money laundering requirements for the year 2026

ABU DHABI, 11 March 2020 – The Ministry of Economy and Tourism and the Ministry of Justice organized, at the Ministry of Justice headquarters in Abu Dhabi, the “First Forum to Strengthen Compliance of Business Sectors and Non-Financial Professions Specific to Anti-Money Laundering Requirements for the Year 2026,” with wide participation from representatives of the private sector and specialized experts in the fields of combating money laundering and terrorist financing.

The forum comes within the framework of ongoing efforts to implement the national strategy to combat money laundering and combat the financing of terrorism, as it represents a new station to enhance the discussion between the Ministries of Economy and Tourism, and Justice, on mechanisms to raise compliance in the business sectors and specified non-financial professions, which include brokers and real estate agents, dealers in precious metals and gemstones, independent accountants and auditors, corporate service providers, lawyers and legal consultants, in line with international standards concerned with protecting the financial system from illegal exploitation. It enhances the country’s position in this field at the international level.

The forum witnessed a series of dialogue sessions and presentations that focused on supporting the implementation of legislation and legal procedures in force in the field of combating money laundering and financial crimes, including conducting customer due diligence with high efficiency, and raising awareness among relevant private sector establishments about the importance of reporting any suspicious financial activities.

Counselor Salem Ahmed Al-Taniji, Director of the Anti-Money Laundering and Combating the Financing of Terrorism Department at the Ministry of Economy and Tourism, stressed the Ministry’s keenness to build an integrated system to enhance legislative compliance to combat money laundering, relying on the latest technologies and advanced technological infrastructure, to ensure the efficiency and effectiveness of oversight and follow-up on business sectors and specific non-financial professions, which contributed to enhancing confidence in the business environment in the country and protecting the reputation of the national economy at the regional and international levels.

For his part, Judge Dr. Abdullah Al-Rashed, Director of the Anti-Money Laundering and Combating the Financing of Terrorism Department at the Ministry of Justice, confirmed that the supervisory authorities aim by holding such forums to enhance the compliance of the business sectors and non-financial professions specified with the requirements for combating money laundering and combating the financing of terrorism.

He added that these sectors include real estate brokers and brokers, precious metals and gemstone dealers, independent accountants, corporate service providers, lawyers and legal consultants who are responsible for implementing precise controls for reporting suspicious activities, identifying clients, and verifying their identity in accordance with international best practices.

He explained that, therefore, the Ministries of Justice, Economy and Tourism seek to continue raising the level of understanding of regulatory requirements in these sectors as well as our relevant employees, which contributes to establishing a culture of compliance as an essential part of our operational oversight responsibilities.

In detail, the first session of the forum reviewed an integrated vision to enhance the roles of regulatory authorities in supervising the business sectors and designated non-financial professions, in the presence of Counselor Salem Ahmed Al-Tunaiji. And Judge Dr. Abdullah Ahmed Al-Rashed, as this vision included cooperation efforts and joint work between the relevant government agencies to enhance control and supervision of these sectors, by adopting strong legislative and regulatory frameworks, effectively exchanging information, activating inspection and awareness mechanisms, in addition to continuous coordination with the private sector to ensure a high accuracy understanding of risks, and achieving the highest levels of legislative compliance with requirements for combating money laundering and terrorist financing.

The second session highlighted the outputs of the country’s national risk assessment, which provided a comprehensive understanding of the challenges associated with money laundering and terrorist financing crimes across different sectors, especially business sectors and designated non-financial professions.

The session also highlighted the role of this assessment in enabling regulatory authorities, including the Ministry of Economy and Tourism and the Ministry of Justice, to unify efforts and set priorities for developing regulatory frameworks and internal policies, and strengthening oversight and compliance mechanisms, according to a methodology based on risk assessment to ensure the protection of the national financial system and enhance financial transparency.

The forum witnessed a presentation that addressed the requirements for due diligence towards customers in business sectors and designated non-financial professions, which stressed the need for establishments operating in these sectors to commit to applying precise due diligence measures, including verifying the identities of customers and beneficial beneficiaries, and assessing risks throughout the duration of the business relationship, with the aim of enhancing the effectiveness of oversight and follow-up, detecting and preventing suspicious activities, and ensuring full compliance with national and international standards.

The forum also highlighted some of the challenges facing the application of due diligence requirements, such as limited resources, the need to enhance specialized expertise, a precise understanding of legislation, the adoption of some manual processes and the weakness of current technical tools, which requires strengthening internal policies and procedures, and developing human capabilities, to ensure full legislative compliance with the regulatory standards for these requirements.

The forum concluded with a presentation by the Ministry of Economy and Tourism on the practical methodology for the mutual evaluation of the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF), where the efficiency and effectiveness of the work system for combating money laundering and terrorist financing was reviewed, through analyzing technical compliance with the recommendations and evaluating the practical results of the national financial system, and providing the practical recommendations necessary to achieve the highest levels of compliance and transparency.

• For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Related