Abu Dhabi, 6 November, 2023
In line with the UAE’s efforts to promote awareness on the culture of compliance within the private sector and the importance of combatting money laundering and terrorism financing, the United Arab Emirates (UAE) Ministry of the Economy signed a partnership agreement with the International Compliance Association (ICA), the leading professional body for the global regulatory and financial crime compliance community. The partnership will see ICA implement a specialized training programme on anti money laundering for the Ministry employees and private sector businesses, especially Designated Non-Financial Businesses and Professions (DNFBPs), starting January 2024.
The agreement was signed by H.E. Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy; and Pekka Dare, President of ICA.
H.E. Al Saleh said: ‘The UAE has come a long way in the development of an integrated and robust system for countering money laundering crimes, combating terrorism financing and the proliferation of armaments as a strategic national priority, in line with its AML/CFT legislation, the requirements put in place to counter the proliferation of armaments, and the standards issued by the Financial Action Task Force (FATF).’
He added: ‘We look forward to strengthening cooperation with ICA as part of AML/CFT efforts, to groom specialized compliance officers responsible for ensuring compliance levels of companies operating in the country’s business and DNFBP sectors. The agreement further aims to develop sectors’ performance at the national and international levels in line with global best practices, creating a business environment free of illegal practices and enhancing investor confidence in the UAE’s overall investment climate. This will consolidate the UAE’s position as a competitive economic hub that follows the highest standards of integrity and transparency in financial and trade regulations.’
Pekka Dare expressed his pleasure at signing the agreement with the Ministry of Economy, emphasising the importance of cooperation and coordination in building an effective training programme. All training programme activities will be carried out in coordination between the Association and the Ministry’s working group.
The agreement includes the provision of specialized training programmes on the foundations and mechanisms of AML/CFT efforts and the prevention of proliferation of armaments operating in DNFBP sector selected to the ICA certificate.
The Ministry explained that the training sessions will be offered virtually through its ‘Continuous Learning Academy’ platform by linking it to the ICA training programmes window according to a specific schedule, which is being developed.