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The National Committee for Combating Money Laundering and Financing of Terrorism and Illegal Organisations (NAMLCFTC) approved six-risk assessment reports in addition to guidelines for financial institutions, designated non-financial businesses and professions at its third meeting of the year.
The reports relate to terrorism financing, trade-based money laundering, misuse of legal persons, non-profit organisations, lawyers and the gold sector.
They will help align the legislative and operational frameworks and priorities with the current risks and enhance understanding of risks and to boost cooperation among the competent authorities, the Central Bank of the UAE said in a statement.
The NAMLCFTC also adopted anti-money laundering and countering the financing of terrorism (AML/CFT) guidelines for financial institutions, designated non-financial businesses and professions. The guidelines aim to raise awareness of the importance of adhering to legislation related to financ
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Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, on Monday chaired a meeting of the Higher Committee that oversees the National Strategy on Money Laundering and Countering Terrorism Financing (AML/CFT).
Members of the committee reviewed the progress in implementing the country s action plans to fight financial crimes, according to the state news agency Wam. They also discussed future plans to combat AML/CFT and were briefed on the UAE’s Mutual Evaluation Report (MER) by the Paris-based Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog.
The committee was briefed on the outcome of the first follow-up meeting on the UAE, which had requested a “re-evaluation of its compliance” to the four technical recommendations from the Middle East and North Africa office of FATF.