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Officers and participants during the training workshop.
The Ministry of Economy (MoE) organized a joint UAE-Malta training seminar from June 12 to 15 to strengthen cooperation and promote the exchange of experience between the two countries in the field of Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT).
The workshop was held in the presence of Abdullah bin Touk Al Mali, Minister of Economy; Maria Camilleri, Ambassador of Malta to the UAE; Representative of the Ministry of Economy, National Committee on Anti-Money Laundering and Combating the Financing of Terrorism and the Financing of Illegal Organizations; Foreign Office and AML/CFT Executive Office. In addition, representatives of the country’s regulators and licensing agencies, including financial and commercial free zones, participated in the workshop.
In his opening remarks, Bin Touq said, “The UAE is keen to strengthen partnerships and exchange expertise and experience with our global partners in various fields, especially in the economic sector, to achieve common development goals.”
Abdullah Bin Touq Al Marri added: “The holding of this workshop is the result of a second meeting held in Malta last April with several officials from the Financial Services Authority and the Financial Intelligence and Counter-Terrorism Unit. It also reflects the A shared desire to strengthen economic, commercial and investment cooperation and implement AML/CFT best practices in line with the requirements of the Financial Action Task Force (FATF). These efforts will enhance the positions of both countries on relevant global competitiveness indicators. “
Participants discussed a range of topics of mutual interest, including the UAE’s efforts to combat money laundering crimes, measures taken in this regard, and Malta’s AML/CFT strategy, which led to the country’s transition from FATF-sanctioned countries to Removal from the list strengthens supervision.
The meeting explored ways to strengthen cooperation between the UAE and Malta in this area and support the exchange of experience and knowledge to develop an effective regulatory system to monitor all forms and types of financial and non-financial transactions classified as money laundering offences.
In addition, the two countries emphasized the importance of strengthening cooperation and exchange of experience in AML/CFT and combating financial crimes by holding more meetings, organizing joint seminars, and exchanging delegations and exchanging experiences.
The seminar is part of the UAE’s efforts to increase the level of compliance and compliance with international requirements and safeguard the position and reputation of the national economy in various global markets.
The Ministry of Economy has imposed fines worth AED 65.9 million on 137 non-compliant companies operating in the DNFBP sector in the first quarter of 2023 as part of its regular monitoring program to ensure compliance with the regulations stipulated in the federal decree. Administrative regulations and related decisions on anti-money laundering crimes, combating financing of terrorism and financing of illegal organizations No. 20 of 2018, to realize that DNFBP fully complies with the international standards promulgated by FATF. The DNFBP unit is supervised by the Ministry.
Meanwhile, Abdullah Bin Touq Al Marri, UAE Minister of Economy, held a bilateral meeting with Lee Young, Minister of Small and Medium Enterprises and Startups of South Korea, to explore strengthening cooperation between the two countries in promoting entrepreneurship and supporting the development of SMEs’ markets. The conference is part of K-Business Days Middle East 2023, taking place 12-13 June at the Dubai World Trade Centre. Entrepreneurs, start-up owners, investors, and business incubators and accelerators from both countries participated.
In attendance were Shakir Zainal, Chief Commercial Officer, UAE Development Bank; Iman Ben Chaibah, Head of Community Engagement, Sharjah Startup Hub ‘Sheraa’; Ahmed Alwan, Deputy CEO, Hub71; Reem Abdullah, Director, Government and Strategic Affairs, Hub71; Partner Dr. Sheikh Majid Al Qassimi.
Bin Touq underscored the strong strategic relationship between the UAE and the Republic of Korea, which continues to grow in terms of economy, trade and investment, thanks to the shared desire of the leaders of the two countries to develop these ties and frequent exchanges of high-level delegations .
He added: “As of 2022, the UAE is South Korea’s second largest trading partner in the GCC and the Arab region. In the first two months of 2023, the UAE’s total non-oil foreign trade with South Korea was AED 3.4 billion (AED 917 million). billion USD), an increase of 9% year-on-year. In 2022, our non-oil trade volume will reach AED 19.5 billion, an increase of 14% year-on-year.”
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