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Home » IMF Report lauds UAE’s Anti-Money Laundering, Counter-Terrorism Financing Efforts

IMF Report lauds UAE’s Anti-Money Laundering, Counter-Terrorism Financing Efforts

Apart from the mentions of high-level efforts made by UAE entities, the IMF report also called out the country’s new legislation, which "was passed to require the submission of beneficial ownership information by all legal entities registered in the UAE."
Desk ReporterBy Desk ReporterFeb 25, 2022
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IMF Board_UAE's Anti-Money Laundering
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Washington D.C., USA: A recent Article IV report by International Monetary Fund has praised the UAE’s Executive Office of the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) for its substantial efforts to improve its AML/CTF response in line with “deficiencies identified by the Financial Action Task Force.”

The AML/CTF Unit managed by the Central Bank of the UAE (CBUAE) was also applauded for its efforts to “operationalize a new risk-based supervisory framework.”

The report which was published last week emphasized that “Directors welcomed the progress made with the AML/CFT framework and encouraged the authorities to sustain the reform momentum” while welcoming “progress to strengthen AML/CFT measures.”

IMF Anti-Money Laundering

The acknowledgement of our national efforts to improve our collective response to money laundering and terrorism financing from a respected institution such as the International Monetary Fund highlights the agility of the UAE to recognize challenges and address them in an organized and methodical manner. Through ongoing cooperation with both local and international regulators, we will continue to safeguard the country’s financial sector from illicit activity.

Mr. Hamid Al Zaabi, Director-General of the Executive Office of Anti-Money Laundering and Counter Terrorism Financing remarked while commending on the publication of the report.

Mr. Hamid Al Zaabi
Mr. Hamid Al Zaabi

Apart from the mentions of high-level efforts made by UAE entities, the IMF report also called out the country’s new legislation, which “was passed to require the submission of beneficial ownership information by all legal entities registered in the UAE.”

The report also noted that the UAE had “delivered several important legislative and institutional reforms.”

IMF Anti-Money Laundering UAE
Image Courtesy: IMF

IMF ARTICLE IV

An annual affair, the IMF Article IV consultations include a press release, informational annex, and staff report, which is prepared by IMF team members for the Executive Board’s consideration.

Typically, the report includes an in-depth assessment of the country’s current socioeconomic status while recognizing achievements and highlighting areas of improvement.

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IMF Report UAE's Anti-Money Laundering IMF Anti-Money Laundering UAE Anti-Money Laundering Efforts
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The above news/article was published by a desk reporter at Emirati Times who sourced, compiled, and corroborated this content. For any queries or complaints on the published material, please get in touch through WhatsApp on +971 5060 12456 or via Mail (at) Emirati Times (dot) com

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