The Executive Office to Combat Money Laundering hosts a training course for"Ftf" in Abu Dhabi
ABU DHABI, 22nd April, 2017 (WAM) – The Executive Office to Combat Money Laundering and Terrorist Financing (the Executive Office) hosted a joint training course with the Training Institute of the Financial Action Task Force (FATF), in partnership with the Middle East and North Africa Financial Action Task Force (MENAFATF).
The FATF standards training course was held over a full week in the capital, Abu Dhabi, with the participation of 28 participants from a number of MENAFATF countries, representing the United Arab Emirates, the Republic of Libya, the Sultanate of Oman, Qatar, the Kingdom of Saudi Arabia, the State of Kuwait, the Kingdom of Bahrain, and the Kingdom of Jordan. The Hashemite Kingdom, and the Kingdom of Morocco.
His Excellency Hamid Al Zaabi, Director General of the Executive Office to Combat Money Laundering and Terrorist Financing, stressed the pivotal role of the qualification and capacity building process in ensuring the effectiveness of the implementation of the Financial Action Task Force standards.; He said: Financial crime has become global in nature today, which means that success in combating it requires not only international cooperation, but also the importance of familiarity with the standards that limit the ability of criminals to find gaps between countries’ national systems in combating money laundering and terrorist financing.
He explained that the FATF standards, represented by the 40 group recommendations for technical compliance and the 11 direct results of the effectiveness classification, are the basic reference that all professionals working in the field should be familiar with, noting that the United Arab Emirates has succeeded during the past three years in doubling the number of Emirati residents. We are accredited more than five times, which confirms our commitment to developing our national cadres in accordance with the directives of the wise leadership, as human capital development is one of the priorities of the Executive Office’s strategy to confront money laundering and terrorist financing. I would like to thank the experts of the FATF Training Institute and our partners in the MENATV Group.”
His Excellency Suleiman Al-Jibrin, Executive Secretary of the Financial Action Task Force for the Middle East and North Africa, added that knowledge exchange is a priority task for the Financial Action Task Force in the Middle East and North Africa region. He said: The FATF standards training course is a major FATF event for the Middle East and North Africa region because it brings together expert trainers and professionals from member states with a common goal of increasing compliance with FATF standards. Over the years, the Middle East and North Africa region has made progress. He made progress in detecting and reducing money laundering and terrorist financing operations, and there is no doubt that building capabilities and competencies was a major reason for that remarkable progress. He thanked the work team from the Training Institute of the Financial Action Task Force for their efforts this week.
In his opening remarks, Joel Goddard, Head of the FATF Training Institute, stressed the importance of continued adherence to the group’s compliance standards; He said: Our focus on providing training on FATF standards to FATF member states for the Middle East and North Africa region complements the group’s goal of strengthening global cooperation to combat financial crimes, including the Middle East and North Africa region, where it is necessary to create a network of local professionals. Competent people within jurisdictions in the Middle East, to ensure continued improvement in compliance with FATF standards.
The FATF Standards Training Course provided an overview of the FATF and its standards, and also included sessions on each of the 11 direct outcomes.
The sessions included the following topics: national risks, policies and coordination (Immediate Outcome 1), international cooperation (Immediate Outcome 2), preventive measures and risk-based oversight of financial institutions and designated non-financial professions and businesses (Immediate Outcome 3 and 4), and the true beneficiary (Immediate Outcome 5), financial information (IO 6), money laundering investigations (IO 7), asset confiscation (IO 8), investigations and prosecutions related to terrorist financing (IO 9), terrorist financing and non-profit organizations (IO 10). ), Targeted financial sanctions for financing terrorism (Immediate Outcome 10), Targeted financial sanctions for financing proliferation (Immediate Outcome 11).
The participants also contributed to various interactive exercises that required live application of the standards and were covered during the session by covering and studying cases from the ground, to measure the extent of the participants’ understanding of how to apply technical compliance concepts in real life by studying each case separately. The agenda concluded with a presentation presented by a group The Minavatv was followed by a tribute to the course participants.
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