UAE launches executive office to combat money laundering, terror financing

Agencies
February 24, 2021

UAE Public & Private Holidays in 2021 (Full List)

Abu Dhabi, Feb 24: The United Arab Emirates (UAE) Cabinet, chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved the establishment of the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).

According to the Emirates News Agency (WAM), the Executive Office will oversee the implementation of the UAE's National AML/CFT Strategy and National Action Plan (NAP), the programme of reforms designed to strengthen the country's anti-financial crime system.

Hamid Al Zaabi has been officially appointed as the Director-General of the Executive Office of the UAE, who will report directly to the Higher Committee overseeing the UAE's National AML/CFT Strategy, chaired by Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation.

Following the decision of his appointment, Al Zaabi said, as quoted by WAM, "In light of the vision of the UAE's leadership, and the guidance of the Chair of the Higher Committee overseeing the UAE's National AML/CFT Strategy, the UAE takes its role in protecting the integrity of the global financial system extremely seriously. 
The scale and complexity of financial crime has increased. So too has the UAE's awareness and understanding of it. That is why the UAE is committed to taking action."

The Executive Office will strengthen the UAE's domestic defences against money laundering and terrorist financing while enabling effective enforcement.

He said, "The Executive Office is a reflection of the high-level political commitment to establishing and operating a sophisticated financial crime compliance system across all UAE entities."

The news agency further reported that the executive office will work as the primary national coordinating body on AML/CFT efforts within the UAE, holding a wide-ranging mandate to assist UAE AML/CFT related entities in enhancing efficiency to better address the country's National Action Plan (NAP). Its overarching objective is to enable and better equip the UAE in building a strong and sustainable AML/CFT structure in the country.

The Executive Office's responsibilities include; improving national and international coordination and cooperation on AML/CFT issues at the policy and operational levels; tackling money laundering and terrorist financing threats by working with regional and international groups, such as the Gulf Cooperation Council Working Group on AMLCFT, G20, and the Financial Action Task Force.

This will be done in conjunction with the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations and the Ministry of Foreign Affairs and International Cooperation (MoFAIC).

According to WAM, the office will also actively increase information sharing between law enforcement agencies, supervisors, and the private sector; explore and enhance legislation, in coordination with MoFAIC and relevant UAE entities, to further strengthen the UAE's current AML/CFT framework, and coordinate with MoFAIC in ensuring that progress is accurately articulated and reflected the Higher Committee on AML/CFT under the mandate of Sheikh Abdullah bin Zayed.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 14,2024

New Delhi, Apr 14: In response to the escalating tensions between Israel and Iran, ministry of external affairs (MEA) on Sunday issued a statement expressing serious concern over the potential threat to regional peace and security.

"We are seriously concerned at the escalation of hostilities between Israel and Iran which threatens the peace and security in the region," the MEA said in the statement.

The ministry called for an immediate de-escalation of the situation, emphasizing the importance of exercising restraint and refraining from further violence. 

Stressing the need for diplomacy to prevail, India urged both parties to step back from confrontation and seek peaceful resolutions to their differences.

"We call for immediate de-escalation, exercise of restraint, stepping back from violence and return to the path of diplomacy," the MEA said. 

India, closely monitoring the evolving situation, assured that its embassies in the region are actively engaging with the Indian community, providing support and assistance as needed.

"We are closely monitoring the evolving situation. Our Embassies in the region are in close touch with the Indian community," the MEA affirmed.

Highlighting the significance of maintaining security and stability in the region, India reiterated the importance of all parties involved prioritizing peaceful dialogue and cooperative measures. "It is vital that security and stability are maintained in the region," the MEA said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 22,2024

hizbullah.jpg

Some 62,000 Israeli settlers have fled areas in the northern sector of the 1948 Israeli-occupied lands amid fear of strikes by Lebanon’s Hezbollah resistance movement in retaliation for the bloody onslaught on Gaza, latest reports have revealed.

Lebanon’s al-Mayadeen television news channel, citing Israeli media outlets, reported on Sunday evening that the number of settlers that have evacuated the area as a result of Hezbollah’s operations now stands at a staggering 62,000.

The report noted that 30,000 of the settlers have evacuated northern occupied Palestine on their own as fears are mounting among the residents that Hezbollah fighters continue to carry out daily operations with no signs that they are deterred by any action the Israeli army is taking.

Israeli media outlets further noted that 40% of the evacuees are considering no return to the region.

Moreover, 38% of those who voluntarily left the area, no longer intend to return to their previous places of residence in the northern occupied territories.

This comes as Hezbollah targeted a facility housing Israeli soldiers in the Shomera settlement earlier on Sunday with a barrage of rockets.

The Lebanese resistance group also struck surveillance devices newly installed around the Dovev military barracks, completely destroying the hardware.

Hezbollah said in a statement that it attacked the deployment positions of Israeli soldiers south of the Jal al-Alam site, using heavy-caliber Burkan (Volcano) missiles.

In another statement, the resistance group announced that its fighters struck surveillance equipment at the Misgav Am military site, which Israeli forces had lately re-positioned.

Surveillance equipment at the al-Malkiya base was also targeted and destroyed, it said, adding that the operation was carried out with a salvo of rockets.

The Israeli regime has repeatedly attacked southern Lebanon since October 7, when it launched a genocidal war on Gaza that has killed at least 34,097 Palestinians, most of them women and children.

In retaliation, Hezbollah has launched near-daily rocket attacks on Israeli positions.

At least 349 people have been killed on the Lebanese border, including 68 civilians.

Hezbollah has already fought off two Israeli wars against Lebanon in 2000 and 2006. The resistance forced the regime to retreat in both conflicts.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 13,2024

israelilinkedship.jpg

Tehran, Apr 13: Iranian armed forces have seized a container ship near the Strait of Hormuz amid rising tensions across the region after a deadly Israeli attack on Iran’s consulate in Syria.

The incident comes amid Israel bracing for Iranian retaliation after the regime's April 1 strike on a building in the Iranian embassy compound in the Syrian capital of Damascus, which killed seven IRGC military advisors, including two generals.

The ship was commandeered by the Islamic Revolutionary Guard Corps (IRGC), the elite force that lost seven members in the Syria strike, Iranian state media reported on Saturday.

“The ship has now been guided towards the territorial waters of our country,” state-run IRNA reported.

The vessel was identified as the Portugal-flagged MSC Aries, which reportedly departed from a port in the United Arab Emirates en route to India. 

Footage from the deck of the vessel obtained by The Associated Press news agency on Saturday showed soldiers rappelling down from a helicopter.

The helicopter appeared to be a Soviet-designed Mil Mi-17, which is operated by the naval forces of the IRGC.

Zodiac Maritime said in a statement that MSC is responsible for all vessel activities.

“Title to the vessel is held by Gortal Shipping Inc as financier and she has been leased to MSC on a long-term basis. Gortal Shipping Inc is affiliated with Zodiac Maritime,” it said.

The United Kingdom Maritime Trade Operations (UKMTO) had said a vessel was seized by “regional authorities” 50 nautical miles (92km) northeast of the UAE’s Fujairah in a waterway vital to world trade.

Another Israeli-linked container ship was attacked and damaged by a drone in the Indian Ocean in late November, which the United States blamed on Iran.

Israeli Foreign Minister Israel Katz said in a post on X that the move by Iran was “a pirate operation in violation of international law”.

He called on the European Union and “the free world to immediately declare” the IRGC a “terrorist organization and to sanction Iran now”.

The Gulf of Oman is near the Strait of Hormuz, the narrow mouth of the Persian Gulf through which a fifth of all globally traded oil passes. Fujairah, on the United Arab Emirates’ eastern coast, is a main port in the region for ships to take on new oil cargo, pick up supplies or trade out crew.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.