BSA LAW’s Post

#Event: Hamid Al Zaabi, Secretary-General of the National Committee for Anti-Money Laundering and Countering the Financing of Terrorism and Illegal Organisations (NAMLCFTC), highlighted the UAE's progress in combating financial crimes at the 2024 Asia Pacific Group on Money Laundering (APG) Annual Meeting in Abu Dhabi. #UAE_Objective: The UAE is committed to preserving the integrity and sustainability of its financial and economic system, while also protecting the global financial system. #Discuss_2023_Results: - Over AED254 million in fines related to money laundering. - Seizure of assets valued at more than AED2.348 billion. - Central Bank of the UAE conducted 119 field inspections and imposed nearly AED113 million in fines. - Ministry of Economy conducted 3371 field inspections and imposed AED101 million in fines. #Gold_Sector_Monitoring: - Suspicious activity reports in the gold sector increased from 223 in 2021 to 6432 in 2023. - Inspections increased twentyfold, resulting in AED78.65 million in fines. - 32 local gold refineries suspended for failing to comply with anti-money laundering laws, with 256 violations recorded. #International Cooperation: UAE has signed 45 Mutual Legal Assistance treaties and plans to sign more in 2024-2025 in collaboration with the Ministry of Justice. #UAE #FinancialCrimes #AntiMoneyLaundering #AML #TerrorismFinancing #Compliance #GoldSector #FinancialIntegrity #EconomicSustainability #GlobalFinancialSystem #APG2024 #NAMLCFTC #UAECompliance #MutualLegalAssistance

The UAE's new Anti-Money Laundering strategy bolsters financial sector integrity by streamlining Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) compliance, centralizing oversight, and aligning with global standards, further enhancing its attractiveness for international investment. In The Media Line article, Lily Eid, Money Laundering Reporting Officer underscores the role of these reforms in strengthening compliance, increasing transparency, and mitigating financial crime risks to boost investor confidence. To read the full article, please follow the link: https://lnkd.in/df6aRhWN #AML #CFT #FinancialCrimePrevention #UAE #GlobalStandards

The UAE Government's recent amendments to the Anti-Money Laundering and Combating the Financing of Illegal Organizations Law include several laudable steps. The establishment of the National Committee to lead the efforts in preventing money laundering and combating the financing of terrorism is a continuation of the decisive steps that led to the UAE's removal from the FATF Grey List earlier this year. A Supreme Committee to oversee the national strategy has also been established. These measures reflect the nation's commitment to maintaining a robust financial system. LuLu Exchange, as one of the biggest cross-border payments providers in the UAE, fully and actively supports the National AML Committee in implementing appropriate controls against the misuse of the UAE financial system for money laundering, terrorism financing, proliferation financing, and financing of illicit organizations. #UAE #FinancialIntegrity #AntiMoneyLaundering

🚨 UAE Strengthens AML/CFT Framework with Establishment of General Secretariat 🚨 The UAE continues to solidify its position as a global leader in combating financial crimes with the establishment of the General Secretariat of the National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC). This significant development follows the Federal Decree by Law No. 7 of 2024, aligning with the UAE National Strategy for AML/CFT/CFP 2024-27. Key highlights of the General Secretariat’s mandate: ✅ Strengthening Compliance Coordination: Facilitating collaboration between national authorities and the public and private sectors to enhance the financial sector's efficiency. ✅ Policy Implementation: Spearheading initiatives to combat money laundering, terrorism financing, and proliferation financing while adapting the UAE’s framework to FATF standards. ✅ Global Partnerships: Advancing international cooperation to address cross-border financial crimes and reinforcing the UAE’s reputation as a committed global financial security partner. ✅ Strategic Leadership: Conducting national risk assessments, monitoring financial threats, and ensuring seamless coordination across all levels. This initiative marks a pivotal step in the UAE’s Economic Vision 2031, bolstering its efforts to create a secure, advanced, and globally integrated financial environment. 🌍 The UAE’s unwavering commitment to combating financial crimes reinforces its position as a trusted partner in maintaining global financial stability and peace. https://lnkd.in/d2MeFHUs #StayCompliant #AML #CFT #Compliance #UAE #FinancialSecurity #NAMLCFTC #FATF #EconomicVision2031 #GlobalLeadership

The UAE has implemented stringent #regulatory measures to combat money laundering (#ML) and terrorist financing (#CFT), significantly enhancing financial oversight. Recent initiatives include the #tightening of AML/CFT laws, mandatory compliance #training for businesses, and increased #scrutiny of high-risk sectors. These measures have led to noticeable outcomes, such as improved #transparency in financial transactions and a marked increase in suspicious activity reports (#SAR). Enhanced cooperation with international regulatory bodies has also strengthened the UAE’s #globalstanding. Overall, these actions have fostered a more secure #financialenvironment, attracting #legitimate investment while #deterring #illicitactivities within the region. #FI #NBFI #CBUAE #EOCN #DFSA #FSRA #Riskassesment #Globalcompliance #UAEFATF #UAEFIU #Complianceculture

Curious about the latest regulatory landscape in the UAE? Dive into the world of Designated Non-Financial Businesses and Professions (DNFBPs). As the UAE tightens its grip on anti-money laundering (AML) and combating the financing of terrorism (CFT) measures, understanding DNFBPs' roles and obligations is crucial for businesses operating in the region. Stay compliant, stay informed! #UAE #DNFBP #AML #CFT #RegulatoryCompliance

On September 23, the UAE Cabinet issued a resolution designating the National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) as the successor to the Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism (The Executive Office) in all rights and obligations. The NAMLCFTC, chaired by Khaled Mohamed Balama, Governor of the Central Bank, will now oversee the UAE’s comprehensive approach to combating financial crimes. Key Points: - Organizational Transition: All employees of the former Executive Office will be transferred to the NAMLCFTC, with Hamid Saif Al Zaabi appointed as the Secretary-General. This transition is part of the amendments under Federal Decree Law No. (7) of 2024, which modifies provisions of the 2018 Federal Decree Law on combating money laundering and terrorist financing. - Strategic Focus: The establishment of a General Secretariat for NAMLCFTC, led by the Secretary-General, is aimed at reinforcing the UAE’s national system and legal framework to combat money laundering and terrorist financing effectively. - Leadership Commitment: Khaled Mohamed Balama emphasized that this decision underscores the UAE’s dedication to safeguarding the integrity of both local and global financial systems. He highlighted the importance of this move in enhancing national capabilities, fostering international cooperation, and sustaining the UAE’s position as a leading global financial hub. Stay updated with the latest developments in global financial crime prevention by unlocking cutting-edge legal intelligence with our subscription free platform — join us today.  Visit https://lnkd.in/gZmkUPim to know more. #AML #CTF #UAE #FinancialCrimes #GRI

The UAE Cabinet has officially launched the National Strategy for Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation Financing (2024-2027). This strategy aims to strengthen the country’s regulatory framework, enhance international cooperation and implement advanced technological solutions to safeguard the financial system. Get in touch with Vista for expert guidance and ensure your business remains aligned with the latest regulations. #Dubai #aml #amlcompliance #antimoneylaundering #antimoneylaunderingdubai #antimoneylaunderinglaw #amlregulations #amluae #CFT #FinancialCompliance #financialcompliance #financialcomplianceuae #UAE

The UAE Government has issued a Federal Decree-Law amending the Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) framework, underscoring its commitment to international standards and enhancing the nation's legislative and legal structures. This amendment establishes a National Committee and a Supreme Committee dedicated to overseeing AML and CFT efforts, ensuring the effectiveness of strategies and compliance with global benchmarks. By reinforcing these frameworks, the UAE continues to strengthen its role as a global leader in combating financial crimes and promoting transparency and economic security. #AML #CFT #UAE #Compliance #Governance #FinancialCrime #LegalReforms

If you are aware of economic #crimes like #money laundering, #bribery, #forgery, or #embezzlement that could harm Dubai’s #economy, you can report them through the #website of the Economic Security Centre of #Dubai (#ESCD), the government entity responsible for safeguarding the economic security of the #emirate. #antimoneylaundering #AML #moneylaundering #dirtymoney #CFT #counterterrorismfinancing #financialcrime #financialcrimes #compliance #complianceofficer #duediligence #terroristfinancing #pep #sanctions #audit #FinancialIntelligenceUnits #FIU #SuspiciousActivityReport #cdd #kyc #regulations #CFP #risk #riskmanagement #investigation #monitoring #uae #unitedarabemirates