Imposing financial penalties on 11 banks for failing to reach compliance levels – UAE – News and Reports


His Excellency Hamed Al Zaabi, Director General of the Executive Office for Combating Money Laundering and Financing Terrorism, confirmed during the media briefing organized by the Minister of Foreign Affairs and International Cooperation today, Wednesday, to announce the inauguration of the United Arab Emirates, the Executive Office for Combating Money Laundering and Terrorist Financing, that the Central Bank has imposed financial sanctions 11 banks were accused of failing to achieve adequate levels of compliance frameworks for countering money laundering.

His Excellency said that the inauguration of the office today came in implementation of the decision of the Council of Ministers headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, “may God protect him”, to establish the Executive Office for Countering Money Laundering and Financing Terrorism, to oversee the implementation of the National Strategy to Combat Money Laundering Funds and terrorist financing, and the National Action Plan, which aims to strengthen the system to combat financial crimes in the UAE.

He added, “The Executive Office is a reflection of the high-level commitment to establish and operate an advanced compliance system, and to take all measures that contribute to reducing financial crime by all concerned authorities in the UAE.”

He explained that the Executive Office will act as the main national coordinating body for efforts to combat money laundering and terrorist financing in the UAE, as the office has a broad mandate to help all concerned parties to enhance their efficiency and effectiveness in implementing the national action plan and achieving its goals, by empowering the state and preparing better to build Strong and sustainable structure to combat money laundering and terrorist financing.



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