The UAE has made significant progress in combatting money laundering, the financing of terrorism and weapons proliferation over the past few years. Khushnum Bhandari / The National
The UAE has made significant progress in combatting money laundering, the financing of terrorism and weapons proliferation over the past few years. Khushnum Bhandari / The National
The UAE has made significant progress in combatting money laundering, the financing of terrorism and weapons proliferation over the past few years. Khushnum Bhandari / The National
The UAE has made significant progress in combatting money laundering, the financing of terrorism and weapons proliferation over the past few years. Khushnum Bhandari / The National

UAE holds roundtable to boost collaboration in combatting financial crime


Alkesh Sharma
  • English
  • Arabic

The UAE’s executive office of Anti-Money Laundering and Countering the Financing of Terrorism has held a roundtable discussion on public-private partnerships and ways to boost collaboration to combat financial crime.

Conducted in partnership with the Royal United Services Institute's Future of Financial Intelligence Sharing programme in the UK, roundtable participants discussed various issues such as best practices to share insights and experiences in the development of public-private partnerships.

Officials from the public-private partnership committees in partner countries in Europe and Asia delivered online presentations on co-operation initiatives focused on confronting financial crime.

Senior members of the UAE’s Public-Private Partnership Sub-Committee and the UAE Financial Intelligence Unit also participated in the discussion.

The committee has developed into an important part of the Emirates’ national strategy to counter financial crime, said Mohamed Shalo, committee chairman and director of communications and strategic partnerships at the executive office of AML/CFT.

“The role of the private sector is critical in helping authorities gain deeper insights and better understanding of criminal typologies and how to identify and stop financial crime,” he added.

“To increase effectiveness in this area, the UAE is preparing legislation that will facilitate the flow of strategic and tactical information through the PPPSC.”

The UAE has made significant progress in combating money laundering, the financing of terrorism and weapons proliferation over the past few years.

Last month, the Emirates fined six companies Dh3.2 million ($871,000) for breaching provisions of the Anti-Money Laundering and Counter-Terrorism Financing law, as the Arab world’s second-largest economy continues to rein in illegal financial activity.

More than 40 compliance and risk professionals representing financial institutions and designated non-financial businesses and professions based in the UAE also participated in the roundtable discussion.

“The UAE is committed to enhancing policies to support collaboration between the public and private sectors,” said Nick Maxwell, head of the Future of Financial Intelligence Sharing programme, which leads independent research into the role of public-private and private-private financial information-sharing to detect, disrupt and prevent crime.

“This roundtable provided a unique opportunity to share relevant experiences and insights from countries that have created collaboration initiatives to combat financial crime, helping to draw out the latest lessons from international practices in this area.”

The executive office of AML/CFT and Future of Financial Intelligence Sharing programme have agreed to convene an in-person event later in the year.

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What is an FTO Designation?

FTO designations impose immigration restrictions on members of the organisation simply by virtue of their membership and triggers a criminal prohibition on knowingly providing material support or resources to the designated organisation as well as asset freezes. 

It is a crime for a person in the United States or subject to the jurisdiction of the United States to knowingly provide “material support or resources” to or receive military-type training from or on behalf of a designated FTO.

Representatives and members of a designated FTO, if they are aliens, are inadmissible to and, in certain circumstances removable from, the United States.

Except as authorised by the Secretary of the Treasury, any US financial institution that becomes aware that it has possession of or control over funds in which an FTO or its agent has an interest must retain possession of or control over the funds and report the funds to the Treasury Department.

Source: US Department of State

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The results of the first round are as follows:

Qais Saied (Independent): 18.4 per cent

Nabil Karoui (Qalb Tounes): 15.58 per cent

Abdelfattah Mourou (Ennahdha party): 12.88 per cent

Abdelkarim Zbidi (two-time defence minister backed by Nidaa Tounes party): 10.7 per cent

Youssef Chahed (former prime minister, leader of Long Live Tunisia): 7.3 per cent

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

HIV on the rise in the region

A 2019 United Nations special analysis on Aids reveals 37 per cent of new HIV infections in the Mena region are from people injecting drugs.

New HIV infections have also risen by 29 per cent in western Europe and Asia, and by 7 per cent in Latin America, but declined elsewhere.

Egypt has shown the highest increase in recorded cases of HIV since 2010, up by 196 per cent.

Access to HIV testing, treatment and care in the region is well below the global average.  

Few statistics have been published on the number of cases in the UAE, although a UNAIDS report said 1.5 per cent of the prison population has the virus.

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Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Company%20Profile
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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Updated: January 27, 2023, 6:07 PM`