Sheikh Abdullah chairs meeting on anti-money laundering

Committee reviewed progress and discussed future plans

Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, has chaired the 10th meeting of the higher committee that oversees the national strategy on anti-money laundering and countering the financing of terrorism.

The committee on Thursday reviewed the progress made and discussed future plans.

Hamid Al Zaabi, director general of the Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism, presented the latest developments on the UAE's action plan and efforts made to combat such activities.

He told the committee the UAE has so far collected real beneficiary data from 89 per cent of firms registered in the UAE. This information records who the ultimate beneficiary of a company or transaction is.

To curb money laundering, the Ministry of Economy also fined establishments that failed to comply with the rules.

Companies can be fined Dh15,000 for each offence.

The Ministry of Interior and the Dubai Public Prosecution also gave a presentation on their efforts to counter money laundering and terrorism financing.

The meeting was attended by a number of senior officials.

Updated: July 30th 2021, 6:49 AM