Latest news with #HamidAlZaabi
The National
10-07-2025
- Business
- The National
EU votes to remove UAE from ‘high-risk' money-laundering list
The EU has voted to remove the UAE from its list of countries that pose a high risk for money laundering and terrorist financing amid a drive in the Emirates to boost its regulatory framework. The European Parliament decided not to object to the European Commission's proposal to amend the EU list of high-risk countries, enabling the removal of the UAE. The Financial Action Task Force, the global body that combats money laundering and terrorism financing, removed the UAE from its 'grey list' in February last year after significant progress on reforms. The Emirates was placed on that list in 2022. UAE Minister of State Ahmed Al Sayegh said the decision is "independent recognition" of the UAE's commitment to the highest international standards in combating global financial crime. "The UAE remains a reliable and strategic partner to the EU, committed to ensuring AML/CFT systems are not only robust, but also future-proof and capable of addressing emerging global threats. As one of the world's fastest growing economies and as a trusted global financial hub, the UAE will continue working with all our global partners to safeguard the integrity of the global financial system," Mr Al Sayegh said in a statement on Wednesday. The outcome reflects the UAE's sustained and swift action and integrated national response to financial crime risks, said Hamid Al Zaabi, secretary general and vice chairman of the UAE National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee. "The country has significantly enhanced its legal, regulatory and operational frameworks, including increased inter-agency co-operation and a sharp rise in enforcement outcomes," he said. "These reforms were recognised by the FATF in February 2024, when it removed the UAE from its grey list — an important development that directly informed the Commission's decision, endorsed by today's vote." Building on that momentum, the UAE engaged in sustained technical dialogue with EU institutions — particularly through the UAE-EU Strategic Dialogue — which reinforced co-operation on financial intelligence sharing, cross-border investigations and asset recovery. These actions "addressed residual concerns" within the European Parliament and demonstrated the UAE's ongoing commitment to international AML/CFT standards, Mr Al Zaabi told The National. Dr Anwar Gargash, diplomatic adviser to UAE President Sheikh Mohamed, said on X: "A tremendous effort led by His Highness Sheikh Abdullah bin Zayed and a capable national team in strengthening the state's legislative and financial system has today resulted in the European Parliament's approval to remove the UAE from the list of high-risk countries. A well-deserved achievement that reflects growing international confidence in the UAE's position as a leading and trusted global financial hub." Lucie Berger, EU ambassador to the UAE, said in a post on X: "A great day for EU-UAE relations and another major milestone in our deepening co-operation. Together, we continue to build a strategic partnership founded on trust, shared values, and a joint commitment to global security and prosperity." The decision comes after the UAE and EU recently agreed to launch free-trade negotiations. It's a political decision because it comes as the UAE and the EU are advancing discussions for a free-trade agreement, said Nicolas Michelon, managing partner of Alagan Partners, a Dubai corporate geopolitics consultancy. 'What the EU is happy with now had been in place in the UAE for quite some time already. This is the EU seeking to remove all hurdles at home to make sure there is no political opposition to a free-trade agreement with the UAE,' he said. The UAE has made significant progress in combating money laundering and the financing of terrorism over the past few years, passing strict laws and issuing regulations to clamp down on financial crime. In September last year, the UAE set out a nationwide action plan aimed at combating terrorism financing and money laundering. The 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing has 11 goals focused on risk-based compliance, effectiveness and sustainability. The enhanced framework, overseen by the Higher Committee and led by an expanded National Committee, includes the former Executive Office of Anti-Money Laundering and Counter Terrorism Financing, which now serves as the General Secretariat. In August, the government also amended its laws against money laundering and the financing of terrorism and crime groups and formed a national committee on these crimes. "For the UAE, immediate benefits of the delisting include reduced compliance friction for firms transacting with EU entities, and greater ease of access to European financial markets," Mr Al Zaabi said. "Over the long term, the delisting reinforces the UAE's position as a leading international hub for finance and trade, supports its competitiveness, and strengthens its ability to contribute to and shape the development of global AML/CFT norms." The UAE Central Bank has been imposing a growing number of fines and penalties in recent months to clamp down on violators. On Monday, the banking regulator imposed a fine of Dh4.1 million ($1.1 million) on three exchange houses for failing to comply with the AML/CFT law. Last week, it imposed a fine of Dh5.9 million on a branch of an unnamed foreign bank operating in the UAE for failing to comply with the AML/CFT framework and related regulations. In June, the Central Bank imposed a Dh100 million fine on an exchange house for 'significant failures' in its AML/CFT framework. Also last month, the Central Bank suspended the Islamic window of a bank operating in the country from onboarding new customers for six months and fined it more than Dh3.5 million for non-compliance with Sharia governance rules. This decision will reduce friction for UAE-based financial institutions in dealing with European counterparts, ease cross-border transactions and boost investor confidence in the jurisdiction's credibility, Dhruv Tanna, associate vice president at DIFC-based investment and wealth management firm Phillip Capital, told The National. "This development will further support capital inflows, strategic partnerships and the growth of regulated sectors such as asset management, FinTech and private wealth services," he said. Vijay Valecha, chief investment officer of Century Financial, said it will lead to reduced due diligence requirements for European institutions dealing with UAE-based companies. Previously, entities in the EU were mandated to apply enhanced scrutiny on transactions involving jurisdictions on the high-risk list. This often led to delays, increased paperwork and higher costs, he added. The new move will "significantly benefit sectors like banking, FinTech, and trade finance, which rely on swift and seamless cross-border flows", he said. When countries come off high-risk watchlists, they often see capital inflows of up to 7.6 per cent of their gross domestic product, with foreign direct investment alone increasing by around 3 per cent, according to the International Monetary Fund.
Al Etihad
26-06-2025
- Business
- Al Etihad
NAMLCFTC, Arab Youth Centre sign MoU to empower young talent across Arab world
26 June 2025 18:41 ABU DHABI (WAM)The General Secretariat of the National Anti-Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) has signed a Memorandum of Understanding (MoU) with the Arab Youth signing took place in the presence of Dr. Sultan Saif Al Neyadi, Minister of State for Youth agreement seeks to enhance youth awareness of the economic security and financial compliance sectors, while shedding light on the challenges associated with financial crimes both locally and also aims to open new horizons for Arab youth by offering real career and development pathways that enable them to actively contribute to protecting their economies and strengthening integrity and transparency partnership reflects the UAE's vision of investing in young minds and building national and Arab capabilities capable of leading financial security efforts and delivering lasting impact across the this occasion, Hamid Al Zaabi, Secretary-General and Vice Chair of the National Committee, and Vice President of the Middle East and North Africa Financial Action Task Force (MENAFATF), emphasised the importance of the partnership, stating, "This partnership marks a pivotal step in our commitment to building a sustainable framework that is Arab in identity and global in standards—one that protects the economy and strengthens community security by engaging Arab youth."He added, "This MoU is not merely a framework for cooperation; it is a flexible platform for exchanging opportunities and empowering youth to gain the skills and experience needed to make a real impact in this vital field. We firmly believe that investing in youth potential is an investment in a secure and sustainable future for the region."For his part, Sadeq Jarrar, Executive Director of the Arab Youth Center, commented, "Empowering youth in critical and future-oriented sectors lies at the heart of our mission at the Arab Youth Center. We believe that investing in young people is the cornerstone of building a brighter future. This partnership with the National Committee reflects our commitment to advancing youth engagement in areas of national priority across Arab countries. Through knowledge-building and skills development, we aim to enable youth to contribute meaningfully to their financial well-being, their communities, and their economies. In doing so, we draw inspiration from the advanced practices and international expertise developed in the United Arab Emirates." This collaboration is based on four key pillars: developing youth capabilities through training and professional development, offering practical secondment opportunities, supporting mentorship and career guidance, and enhancing community awareness through events and media campaigns. Together, these efforts aim to empower youth to become active partners in building a robust and sustainable financial security system.
Al Etihad
02-06-2025
- Business
- Al Etihad
UAE participates in Eurasian Group's Plenary Meeting on Anti-Money Laundering
2 June 2025 20:34 MOSCOW (WAM) The United Arab Emirates participated in the 42nd Plenary Meeting of the Eurasian Group on Combating Money Laundering (EAG) and its accompanying forum, which was co-organised by the Eurasian Group and the Middle East and North Africa Financial Action Task Force (MENAFATF) in Moscow, joint forum on regulation and risks marked the first-ever event to bring together two regional FATF-style bodies, reflecting the growing strategic partnership and international cooperation in addressing global risks associated with money laundering and terrorist financing. The forum focused on the theme 'Risk Management in the Era of Modern Technology,' with participation from over 200 high-level representatives from anti-money laundering and counter-terrorist financing authorities, regulatory bodies, financial intelligence units, the private sector, international organisations, and UAE delegation was led by Hamid Al Zaabi, Secretary-General and Vice Chairman of the UAE's National Anti-Money Laundering and Counter-Terrorist Financing and Financing of Illegal Organisations Committee, and Vice President of MENAFATF. He also participated in the main panel discussion titled 'Future Trends – Global Challenges and Digital Threats.'The UAE delegation, also attending as an observer to the Eurasian Group, showcased the latest developments in the country's efforts to combat money laundering and terrorist financing, including national initiatives leveraging artificial intelligence and digital innovation to strengthen the UAE's capabilities in tackling financial part of the visit, the UAE Embassy in Moscow hosted a 'Youth Circle' session, where Al Zaabi delivered an awareness presentation to Emirati youth and scholarship students. The session focused on sharing knowledge about the UAE's anti-money laundering and counter-terrorist financing framework while highlighting promising career opportunities in this vital sector, which is closely tied to financial system integrity and national security. The forum provided a high-level platform for dialogue on evolving regulatory approaches, public-private partnership strategies, and regulatory responses to technological change. It also contributed to enhancing cooperation between the Eurasian Middle East and North Africa regions in combating money laundering and terrorist financing.
The Print
27-04-2025
- Business
- The Print
UAE delegation concludes official visit to Morocco to strengthen cooperation in combating money laundering, terrorism financing
The visit, held from 22 to 24 April, was organised in cooperation with the National Financial Intelligence Authority of Morocco and aimed to reinforce strategic coordination between the two nations in the areas of anti-money laundering (AML), counter of terrorism financing (CFT), and counter of proliferation financing (CFP). Rabat [Morocco], April 27 (ANI/WAM): A delegation from the UAE's National Anti-Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC), led by Hamid AlZaabi, Secretary General and Vice-Chair of the National Committee, has concluded a three-day official visit to the Kingdom of Morocco. The programme featured a series of joint technical workshops, high-level meetings, and the exchange of best practices on key topics, including sanctions implementation, the use of artificial intelligence in AML/CFT efforts, national risk assessments, and the supervision of non-profit organisations. During the meetings, both sides emphasised the importance of bilateral cooperation as part of a broader vision to enhance regional and global financial security. They underscored the need for continued exchange of expertise and closer coordination to strengthen supervisory systems and align with international standards. Commenting on the visit, Hamid AlZaabi stated: 'This visit reflects the shared commitment of the United Arab Emirates and the Kingdom of Morocco to deepen their cooperation in confronting growing challenges in financial crime at both regional and international levels. Our collaboration is built on mutual trust, strategic vision, and a shared dedication to innovation and progress. Through technical exchange and constructive dialogue, we aim to foster a more resilient regional financial system that reinforces stability and integrity across the global financial landscape.' Jawhar Nfissi, President of the National Financial Intelligence Authority of Morocco, added: 'Morocco and the UAE are united by a common vision for regional and international security. This visit comes at a pivotal time, as we prepare for upcoming mutual evaluations and continue to develop and strengthen our national frameworks. The in-depth discussions and technical sessions held in Rabat demonstrate the maturity of our partnership and our shared ambition to set a model for the Middle East and North Africa region.' The sessions addressed a wide range of topics, including: Supervision and oversight of casinos and gaming institutions; Targeted financial sanctions and controls on the financing of weapons proliferation; National risk assessment methodologies and inter-agency coordination mechanisms; Utilization of artificial intelligence in AML/CFT frameworks; Supervision of non-profit organizations using risk-based approaches; The role of the private sector in advancing AML/CFT efforts. AlZaabi expressed his sincere appreciation to the President of the National Financial Intelligence Authority in the Kingdom of Morocco for the warm reception and the high level of professionalism that marked every engagement. The UAE reaffirmed its commitment to sustained cooperation aimed at building safer, more transparent, and sustainable financial systems across the region. (ANI/WAM) This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.
Al Etihad
26-04-2025
- Business
- Al Etihad
UAE delegation concludes official visit to Morocco to strengthen cooperation in combating money laundering, terrorism financing
26 Apr 2025 19:45 RABAT (WAM)A delegation from the UAE's the National Anti-Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC), led by Hamid AlZaabi, Secretary General and Vice-Chair of the National Committee, has concluded a three-day official visit to the Kingdom of visit, held from April 22-24, was organised in cooperation with the National Financial Intelligence Authority of Morocco and aimed to reinforce strategic coordination between the two nations in the areas of anti-money laundering (AML), counter of terrorism financing (CFT), and counter of proliferation financing (CFP).The programme featured a series of joint technical workshops, high-level meetings, and the exchange of best practices on key topics, including sanctions implementation, the use of artificial intelligence in AML/CFT efforts, national risk assessments, and the supervision of non-profit the meetings, both sides emphasised the importance of bilateral cooperation as part of a broader vision to enhance regional and global financial security. They underscored the need for continued exchange of expertise and closer coordination to strengthen supervisory systems and align with international on the visit, Hamid AlZaabi stated:'This visit reflects the shared commitment of the United Arab Emirates and the Kingdom of Morocco to deepen their cooperation in confronting growing challenges in financial crime at both regional and international levels. Our collaboration is built on mutual trust, strategic vision, and a shared dedication to innovation and progress. Through technical exchange and constructive dialogue, we aim to foster a more resilient regional financial system that reinforces stability and integrity across the global financial landscape.'Dr. Jawhar Nfissi, President of the National Financial Intelligence Authority of Morocco, added: 'Morocco and the UAE are united by a common vision for regional and international security. This visit comes at a pivotal time, as we prepare for upcoming mutual evaluations and continue to develop and strengthen our national frameworks. The in-depth discussions and technical sessions held in Rabat demonstrate the maturity of our partnership and our shared ambition to set a model for the Middle East and North Africa region.'The sessions addressed a wide range of topics, including:- Supervision and oversight of casinos and gaming institutions;- Targeted financial sanctions and controls on the financing of weapons proliferation;- National risk assessment methodologies and inter-agency coordination mechanisms;- Utilization of artificial intelligence in AML/CFT frameworks;- Supervision of non-profit organizations using risk-based approaches;- The role of the private sector in advancing AML/CFT expressed his sincere appreciation to H.E the President of the National Financial Intelligence Authority in the Kingdom of Morocco for the warm reciption and the high level of professionalism that marked every engagement. The UAE reaffirmed its commitment to sustained cooperation aimed at building safer, more transparent, and sustainable financial systems across the region.
