Menavatv raises the rating of the UAE in recognition of its efforts to combat money laundering and terrorist financing

At the end of its session for the month of May, which was held in the Bahraini capital, Manama, the Middle East and North Africa Financial Action Task Force (MENAFATF) adopted the recommendations of the Financial Action Task Force (FATF) to raise the classification of the United Arab Emirates, in recognition of its efforts to combat money laundering and terrorist financing. The group’s evaluation team raised the degrees of compliance with recommendations 1, 19 and 29 to the degree of “compliant” or “largely compliant”, in response to the positive measures taken by the state during the last stage.
The recommendations of the (FATF) constitute the technical and legal basis for any effective system to combat money laundering, the financing of terrorism and the financing of the proliferation of weapons of mass destruction. To strengthen its efforts to implement effective measures that ensure full compliance with the forty recommendations of the Financial Action Task Force, under the leadership of the Supreme Committee to Supervise the National Strategy to Combat Money Laundering and Terrorist Financing, and raising recommendations 1, 19 and 29 to the degree of “compliant” and “largely compliant” constitutes a clear recognition the progress of the UAE in this regard.
Al Zaabi thanked all the concerned authorities in the UAE, whose tireless work contributed to this achievement, adding: “For our part, we will continue to work to improve the levels of compliance with the recommendations as part of our firm commitment to building a system to combat money laundering and terrorist financing that meets our vision of becoming a leading country in combating money laundering and terrorist financing.” Financial crime.” The raising of the first recommendation reflects the progress made by the country in applying the risk-based approach, and the ongoing work with the World Bank Group to complete the second national risk assessment; The first recommendation requires member states to identify, assess and understand their money laundering and terrorist financing risks, and take the necessary measures to ensure effective mitigation of risks.
As for Recommendation 19, it is related to enhanced due diligence measures that are binding on financial institutions to apply them to business relationships and transactions with natural and legal persons and financial institutions from high-risk countries, which is what the Financial Action Task Force called for. It also requires countries to be able to apply appropriate measures when required to do so by the FATF. Recommendation 29 is concerned with operational capabilities, and requires countries to establish an operationally independent financial information unit to serve as a national center for receiving and analyzing suspicious transaction reports and other information related to money laundering, related predicate offenses and terrorist financing, and to transmit the results of the analysis.