Abu Dhabi Global Market (ADGM) has signed a memorandum of understanding with the UAE’s Central Bank intended to boost cooperation on the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) initiative, the financial centre said on Monday.
The MoU was signed by ADGM’s Financial Services Regulatory Authority (FSRA) and the Central Bank’s Anti-Money Laundering and Suspicious Cases Unit (AMLSCU). It comes two months after the FSRA and the Central Bank signed an agreement.
“[The …] MoU demonstrates the commitment of AMLSCU to share expertise and experience with its key domestic partners to coordinate the efforts on encountering money laundering, combating terrorist financing and related crimes, thereby strengthening the UAE AML/CFT framework and countering reputational risks,” said Abdulrahim Mohammed Al Awadhi, the AMLSCU’s executive director.
The two institutions have pledged to cooperate closely on AML/CFT issues, and to coordinate training and technical assistance in this area.
Richard Teng, the FSRA’s chief executive, said: “Close cooperation among fellow regulators are crucial as the world places a greater focus on preventing money laundering and terrorism financing.”
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