WORLD NEWS | UAE hosts Egmont Group’s annual plenary meeting to discuss leveraging IT to strengthen AML/CFT operations

dubai [UAE]7 July (ANI/WAM): In the speech of Khalid Mohamed Al Barama Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister, Minister of the Presidential Court and Chairman of the Central Bank of the United Arab Emirates (CBUAE), · Under the patronage of Al Nahyan, Governor of CBUAE and Chairman of the UAE National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations inaugurated the 29th Annual Egmont Group Plenary Meeting in Abu Dhabi, Chairman of Egmont Group Xolisile Khanyile was present.

This year’s Egmont Group Plenary Conference is hosted by the UAE Financial Intelligence Unit and the theme is: “Financial Intelligence Units (FIUs) use advanced IT to enhance operations”.

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The plenary meeting was attended by Justice Minister Abdullah bin Sultan bin Awad Al Nuaimi, Finance Minister Mohammad bin Hadi Al Husseini, State Minister Ahmad Ali Saye He, Undersecretary of Finance Younis Kuri, Director of the Executive Office for Anti-Money Laundering and Counter-Terrorist Financing Hamid Saif Al Zaabi, Head of the UAE Financial Intelligence Unit Ali Faisal • Ali Faisal Ba’alawi and several other senior representatives of local and international entities.

More than 500 representatives from various global entities in the field of anti-money laundering also participated.

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Khalid Mohamed al-Baramah, Governor of the Central Bank of the UAE and Chairman of the UAE National Committee for Anti-Money Laundering, Combating the Financing of Terrorism and the Financing of Illegal Organizations (AML/CFT), highlighted the UAE’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) in his opening remarks ) integration efforts at the national level.

He stressed that these efforts are in line with the vision of the UAE leadership and in line with the directives of the High Council Overseeing the National Strategy for Anti-Money Laundering and Combating the Financing of Terrorism, utilizing the country’s efficient systems and mature legal framework.

Al Barama added: “The UAE National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and the Financing of Illegal Organizations places great emphasis on the use of modern technology to facilitate the reporting of suspicious transactions, enable effective communication, expedite procedures, and make informed decisions on issuance issues “This is our recognition of the negative impact of financial crimes on the financial system and society, and we need to cooperate closely and strengthen international cooperation to deal with these problems. We are pleased with the tangible progress made in this regard. Several relevant international bodies, namely the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF) have expressed concern. “

Xolisile Khanyile, Chairman of the Egmont Group, said: “The annual Egmont Group Plenary Meeting is a key event to promote international cooperation and intelligence sharing in the fight against money laundering and terrorist financing. gracious host of the conference, during which there were many productive dialogues which I am confident will lead to tangible advances in intelligence and coordination. The participation of other stakeholders in the AML/CFT field supported the Held successfully and brought together a wide range of perspectives on how to improve efficiency. In particular, the need to adopt and integrate digital technologies to increase information sharing among financial intelligence units around the world was evident, the Egmont Group is committed to to support enhanced cooperation.”

Ali Faisal Ba’alawi, head of the UAE’s Financial Intelligence Unit, highlighted the important role the Egmont Group plays in connecting financial intelligence units. He said: “The Egmont Group is committed to strengthening communication and cooperation among its members to achieve common goals by supporting FIUs in AML/CFT. In this regard, the UAE strives to fully support these goals, This is evidence of these strategic steps to take steps to strengthen the AML/CFT framework and strengthen cooperation with other countries.”

The plenary held a series of discussions around a variety of topics, including a panel discussion on “Use of privacy-enhancing technologies by financial intelligence units” moderated by Anne Marie Kemna, Head of Financial Intelligence Unit of Curacao, followed by “Using artificial intelligence to Protecting Financial Intelligence Units” panel discussion. Strengthening Financial Intelligence Unit Operations, Innovative Cooperation Models, and Strategic Effectiveness”, moderated by representatives of the Financial Crimes Enforcement Network (FinCEN). The Egyptian Anti-Money Laundering and Terrorist Financing Unit (EMLCU) chaired on behalf of Amr Rashed.

Hosting the Egmont Group Plenary Meeting in the UAE is in line with the country’s expertise in protecting the national and global financial system from money laundering, terrorism financing and financial crime by strengthening cooperation with international counterparts and facilitating information exchange, as well as the relevant authorities.

Founded in 1995, the Egmont Group is a 170-member global group dedicated to enhancing communication and cooperation among financial intelligence units, whose members receive thousands of suspicious transaction reports each year. (ANI/WAM)

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