(MENAFN- Khaleej Times) Domestic authorities in the UAE have urged to promote efforts in fighting money laundering and terrorist financing during a recent seminar.
In his introductory speech at the seminar, UAE Central Bank Governor Sultan bin Nasser Al Suwaidi said that the seminar was a continuation of the process of partnerships to enhance awareness regarding the obligation of the various domestic authorities on the evolving international standards and thus strengthen further the UAE Anti Money Laundering and Combating Terrorism Financing, or AML/CFT, framework.
Earlier, Al Suwaidi, who is also chairman of the National Anti-Money Laundering Committee, inaugurated the Seminar on "Requirements of Revised Financial Action Task Force [FATF] Recommendation on Cross-border Cash Couriers", organised by the Anti-Money Laundering and Suspicious Case Unit, in line with its strategy to create awareness on the evolving AML/CFT standards, among its domestic strategic partners.
The seminar produced recommendations that confirmed the commitment to implement the declaration system in line with the requirements of FATF recommendations of 2012, and the need to enhance cooperation, in this respect, between all concerned parties in the UAE.
The seminar was structured in a sequence of three working sessions, with a focus on the role of the FATF in setting global standards on cross-border cash courier and international best practices regarding detecting and preventing the illicit cross-border transportation of cash, the role of authorities and their respective procedures for the implementation of regulation of cash declaration by travellers entering or leaving, and other relevant matters including case studies in this regard.
It was attended by more than 100 persons comprising of representatives from the Federal Customs Authority and local customs departments in the UAE; Police General Headquarters of Abu Dhabi, Dubai, Sharjah, Ras Al Khaimah, Ajman, Umm Al Quwain and Fujairah; the State Security Department; General Directorate of State Security in Dubai; Federal Public Prosecution; UAE Courts; General Civil Aviation Authority; General Department of Airports Security; Dubai Civil Aviation Authority; Departments of Civil Aviation of Sharjah and Ras Al Khaimah; UAE Departments of Economic Development; Ministry of Interior; Ministry of Foreign Affairs; Ministry of Social Affairs; Ministry of Justice; Securities and Commodities Authority; State Audit Institution; and Institute of Training and Judicial Studies.
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