UAE reinforces commitment to combat money laundering and terrorist financing
The UAE’s Ministry of Economy on Tuesday reaffirmed its commitment to fighting money laundering and the financing of terrorism and illegal organisations, in line with its aim of fully complying with the International Financial Action Task Force obligations.
The private sector is a strategic partner in achieving the country's goals including compliance with regulation and supervision of the Designated Non-Financial Businesses and Professions, the ministry said in a statement on Tuesday.
DNFBPs include professions outside the financial services sector that have higher anti-money laundering and combating the financing of terrorism (AML/CFT) exposure.
“We count on the partnership and cooperation of the DNFBPs to achieve the highest levels of oversight and compliance and contribute towards protecting these sectors’ investments from money laundering risks,” Mohamed Al Janahi, head of AML Supervision at the Ministry of Economy, said.
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