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The Executive Office for Combating Money Laundering and Terrorist Financing, in partnership with the “Future of Financial Information Exchange” program of the RUSI Institute, organized a round table on partnerships between the public and private sectors, and ways to enhance cooperation to combat financial crimes.
Officials from the Public-Private Partnership Committees in the partner countries in Europe and Asia gave remote presentations on cooperation initiatives to combat financial crime, with the participation of senior members of the sub-committee for partnership between the public and private sectors in the UAE and the UAE Financial Information Unit.
About 30 compliance and risk professionals, representing financial institutions and DNFBPs located in the UAE, participated in the roundtable.
They discussed a wide range of topics, including best practices to share opinions, experiences and lessons learned in developing partnerships between the public and private sectors. They also exchanged views on how to support national efforts in combating crime, plans to develop the Partnership Committee between the public and private sectors, and enrich them in the best way.
Muhammad Shaloh, Chairman of the Committee and Director of the Communications and Strategic Partnerships Department in the Executive Office, said: The Committee has developed to become an important part of the national strategy to combat financial crime, as the private sector plays a key role in helping the authorities to gain a better understanding of criminal patterns, and to monitor and stop financial crime. . To increase effectiveness in this field, the UAE is preparing laws that will facilitate the flow of strategic and tactical information through the committee.
Nick Maxwell, Director of the Future of Information Exchange Program, said that the UAE is committed to strengthening policies to support the collaborative role between the public and private sectors. This round table was a unique opportunity to share relevant experiences and ideas from countries that have developed collaborative initiatives to confront financial crime, to help draw the latest lessons from international practices in this field.
Jess Somerlad, Public-Private Partnerships Officer at the Center, said, “The Center is pleased to engage with the UAE and partners in this valuable discussion. We support the work of the partnership to combat illicit financing between the United Kingdom and the UAE, by developing an appropriate response to this threat that the two countries face.
After the success of the round table, the Executive Office agreed with the program to organize an event at a later time in 2023.
