National Summit on Financial Crime Compliance Launches in Abu Dhabi Under Sheikh Mansour's Patronage

UAE, 10 October, 2024 : Under the patronage of His Highness Sheikh Mansour Bin Zayed Al Nahyan, Vice President and Deputy Prime Minister of the UAE, the National Summit on Financial Crime Compliance commenced today at the Conrad Abu Dhabi Etihad Towers. The event, organized by the Central Bank of the UAE (CBUAE) in collaboration with the EU Global Facility on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), was inaugurated by H.E. Khaled Mohamed Balama, Governor of the CBUAE.

The opening ceremony was attended by several key officials, including H.E. Ahmed bin Ali Al Sayegh, Minister of State, and H.E. Abdullah bin Sultan bin Awad Al Nuaimi, Minister of Justice, along with representatives from the Gulf Cooperation Council, European Union, and the Financial Action Task Force (FATF). 

In his keynote address, Governor Balama emphasized the UAE's significant progress in combating financial crimes, attributing this success to the nation’s leadership. He stated, “These ongoing efforts not only contribute to the country’s robust financial and economic stability but also enhance its leading position in the global economy as a financial and commercial hub.”

Balama also highlighted the CBUAE's proactive approach to identifying and mitigating financial crime threats. He noted the Central Bank's continuous efforts to develop a comprehensive framework for combating money laundering and terrorist financing, ensuring the resilience and efficiency of the UAE’s financial system.

The two-day summit will cover essential topics in financial crime compliance and AML/CFT. The first day will focus on strategies for managing financial crime risks, including international cooperation and mitigating risks associated with trade-based money laundering and proliferation financing.

Source : www.centralbank.ae