Wally Adeyemo, the US Deputy Treasury Secretary, spoke exclusively to 'The National' at the US consulate in Dubai on Tuesday. Antonie Robertson / The National
Wally Adeyemo, the US Deputy Treasury Secretary, spoke exclusively to 'The National' at the US consulate in Dubai on Tuesday. Antonie Robertson / The National
Wally Adeyemo, the US Deputy Treasury Secretary, spoke exclusively to 'The National' at the US consulate in Dubai on Tuesday. Antonie Robertson / The National
Wally Adeyemo, the US Deputy Treasury Secretary, spoke exclusively to 'The National' at the US consulate in Dubai on Tuesday. Antonie Robertson / The National

US treasury official praises UAE’s ‘strong framework’ in fighting financial crime


Nada AlTaher
  • English
  • Arabic

US Deputy Secretary of the Treasury Wally Adeyemo praised the “very strong framework” of the UAE’s financial institutions in fighting financial crime during a trip to the emirates on Tuesday.

Mr Adeyemo is visiting the UAE and Turkey to discuss ways to combat illegal cash flows around the globe.

“My conversations with the UAE have been productive,” he said in an exclusive interview with The National at the US consulate in Dubai.

The two countries have been collaborating “for decades” on tackling illicit financial flow, the official said.

He referred to this month's arrest in Dubai of the Indian-born Gupta brothers, Atul and Rajesh, over alleged financial crimes, including suspected looting of billions from state-owned companies in South Africa.

”We’ve seen the actions that they [the UAE] have taken including the arresting of the Gupta brothers, and other steps that they’ve taken in collaboration with us,” Mr Adeyemo said.

He highlighted the importance of cutting off illegal movement of funds, particularly during Russia's invasion of Ukraine.

“Russian elites and oligarchs often set up front companies or proxies that allow them to move money illicitly,” Mr Adeyemo said.

In his meetings with Emirati officials, he said he had discussed the importance of taking action against people ”who have been sanctioned in the context of Russia’s invasion of Ukraine" to prevent them from being "able to use the UAE’s finance sector”.

He praised the "robust action" taken by the UAE’s financial institutions in tackling the issue.

“The UAE is a global financial centre, lots of people want to move money through here,” Mr Adeyemo said. The UAE, he said, was "committed to taking the same steps” as the US on preventing people from using their systems to move money illegally.

The US Treasury last week said it had imposed sanctions on a “network of Iranian petrochemical producers” and “front companies” in China and the UAE.

“Front companies and proxies [were being used] to gain access to hard currency for Iran,” Mr Adeyemo said.

“We are going to take steps to make sure Iran can’t evade the sanctions that the US and its partners have put into place.”

Wally Adeyemo highlighted the importance of stopping criminals from exploiting systems to shift money illegally. Antonie Robertson / The National
Wally Adeyemo highlighted the importance of stopping criminals from exploiting systems to shift money illegally. Antonie Robertson / The National

“We have always provided some mobility for Iran to gain access to funds for humanitarian purposes,” he said.

The Treasury says the US is pursuing a path of “meaningful diplomacy” with Iran to revive the 2015 nuclear deal, from which the US withdrew under Donald Trump in 2018.

It said last week that, without a deal, the department would continue to use sanctions to limit exports of petroleum and petrochemical products from Iran.

“While we want the regime to change its behaviour and stop a nuclear programme, we want to make sure the Iranian people have humanitarian access,” Mr Adeyemo told The National.

Challenges posed by cryptocurrency

He said criminals would look for “any way” to illicitly use the financial system to move assets, including cryptocurrency.

“The challenge you face is that crypto is a global phenomenon,” he said. "Unless we have a rule set that is robust and global, we’re not going to be able to prevent bad actors from abusing these systems.

“Our shared goal is to allow financial innovation, while making sure we have a regulatory architecture that prevents illicit financing.”

He said the US had not seen a “large flow of cryptocurrency from Russia”.

What is hepatitis?

Hepatitis is an inflammation of the liver, which can lead to fibrosis (scarring), cirrhosis or liver cancer.

There are 5 main hepatitis viruses, referred to as types A, B, C, D and E.

Hepatitis C is mostly transmitted through exposure to infective blood. This can occur through blood transfusions, contaminated injections during medical procedures, and through injecting drugs. Sexual transmission is also possible, but is much less common.

People infected with hepatitis C experience few or no symptoms, meaning they can live with the virus for years without being diagnosed. This delay in treatment can increase the risk of significant liver damage.

There are an estimated 170 million carriers of Hepatitis C around the world.

The virus causes approximately 399,000 fatalities each year worldwide, according to WHO.

 

COMPANY PROFILE
Name: Mamo 

 Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua

 Based: Dubai, UAE

 Number of employees: 28

 Sector: Financial services

 Investment: $9.5m

 Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 

 
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Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
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Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

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MATCH INFO

Who: France v Italy
When: Friday, 11pm (UAE)
TV: BeIN Sports

The years Ramadan fell in May

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Several girls started playing football at age four

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The girls don’t dwell on their condition

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The girls want to inspire others to join the UAE Special Olympics teams

T20 WORLD CUP QUALIFIERS

Qualifier A, Muscat

(All matches to be streamed live on icc.tv) 

Fixtures

Friday, February 18: 10am Oman v Nepal, Canada v Philippines; 2pm Ireland v UAE, Germany v Bahrain 

Saturday, February 19: 10am Oman v Canada, Nepal v Philippines; 2pm UAE v Germany, Ireland v Bahrain 

Monday, February 21: 10am Ireland v Germany, UAE v Bahrain; 2pm Nepal v Canada, Oman v Philippines 

Tuesday, February 22: 2pm Semi-finals 

Thursday, February 24: 2pm Final 

UAE squad:Ahmed Raza(captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia

Nayanthara: Beyond The Fairy Tale

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Director: Amith Krishnan

Rating: 3.5/5

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Updated: June 22, 2022, 8:16 AM