Latest news with #terrorismfinancing
Arab News
16 hours ago
- Business
- Arab News
Coalition hosts anti-terror finance training in Comoros
The Saudi Arabia-backed Islamic Military Counter Terrorism Coalition has launched a five-day training course in Moroni, Comoros, focused on combating terrorism financing and money laundering. The course aims to equip participants with information on national and international legal frameworks related to these issues, the Saudi Press Agency reported on Tuesday. It focuses on skills to analyze financial data and detect suspicious activities, raise public awareness of related risks, and develop effective prevention and coordination mechanisms among regulatory, security, and financial authorities. Participants include representatives from regulatory and judicial bodies, the Ministry of Interior, law enforcement agencies, financial institutions, non-financial businesses, and non-profit organizations. The course reflects the coalition's commitment to enhance international cooperation and develop national civil and military competencies to combat these crimes. It also aims to create a professional training environment that fosters integrated and effective systems to combat financial threats linked to terrorism.
Zawya
15-07-2025
- Business
- Zawya
Ghana: Finance Minister Inaugurates New Financial Intelligence Centre (FIC) Board
The Minister for Finance, Dr. Cassiel Ato Forson, has inaugurated a seven-member Board for the Financial Intelligence Centre (FIC). The new Board members are: Mr. Mike Kofi Afflu – Chairperson Mr. Albert Kwadwo Twum Boafo – Chief Executive Ms. Grace Mbrokoh-Ewoal – Ministry of Finance/Member Ms. Elizabeth Ama Yankah – National Security/member Dr. Kwasi Osei Yeboah – Member A representative from the Ministry of the Interior (Senior Police Officer) A representative from the Attorney-General's Department The Board has been tasked with supporting Ghana's fight against money laundering, terrorism financing, and other financial crimes. The FIC plays a crucial role in protecting Ghana's financial system, especially as fraud and financial crimes become more sophisticated. Distributed by APO Group on behalf of Ministry of Finance - Republic of Ghana.
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.
The National
09-07-2025
- Business
- The National
EU removes UAE from ‘high-risk' money-laundering list
The EU has removed 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 voted 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. 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.
Zawya
01-07-2025
- Business
- Zawya
Kuwait enhances laws to combat money laundering and terror funding
KUWAIT CITY - Kuwait is intensifying efforts to combat money laundering and terrorist financing by enhancing its legislative framework, announced Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam on Monday. The minister spoke in a statement issued by the Ministry of Finance following the publication of Decree Law No. (76) of 2025 in the official gazette, Kuwait Today. This decree introduces important amendments to Law No. (106) of 2013, reflecting Kuwait's integrated government efforts to strengthen measures against financial crimes. During the Cabinet meeting on June 17, the draft of the amended decree law was approved, underlining Kuwait's commitment to raising the effectiveness of the national response to money laundering and terrorism financing. The amendments align with the requirements of the Financial Action Task Force (FATF) and relevant international standards. The new decree law includes two significant amendments: Article One replaces Article (25) of Law No. (106) of 2013, empowering the Council of Ministers, upon the recommendation of the Minister of Foreign Affairs, to issue necessary decisions to implement United Nations Security Council resolutions related to terrorism, terrorism financing, and the proliferation of weapons of mass destruction under Chapter VII of the UN Charter. These decisions will take effect immediately upon issuance, consistent with Security Council Resolution No. 1373 of 2001. The executive regulations will define the rules for publishing these decisions, appealing them, authorizing the release of frozen funds for essential living expenses, and managing such assets.n Article Two adds a new Article (33 bis) to Law No. (106) of 2013, stating that any violation of decisions issued under Article (25) will result in fines ranging from 10,000 to 500,000 Kuwaiti dinars per violation. This penalty complements any additional sanctions imposed by regulatory authorities on financial institutions or designated non-financial businesses.n The Ministry emphasized that these amendments support the National Committee for Combating Money Laundering and Terrorism Financing by broadening its powers to apply targeted financial sanctions in compliance with FATF standards. This includes the mandatory freezing of assets belonging to individuals and entities listed locally as terrorists, effective immediately upon decision issuance. Furthermore, the amendments enable the Committee to impose fines on violators and require publishing the national list of designated terrorists on the Committee's official website, enhancing transparency and meeting international obligations. Minister Al-Fassam concluded that the updated legislative measures reaffirm Kuwait's strong commitment to fighting financial crimes, safeguarding national security and stability, and fulfilling its global responsibilities.
