27 October 2022
14th MENA Regulatory Forum brings together 450 participants
ABU DHABI, 27th October, 2022 (WAM) -- The Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF) held the 14th MENA Regulatory Summit in Abu Dhabi, in partnership with organisers from the London Stock Exchange Group and with the participation of over 450 attendees.
The summit, held in person for the first time after the COVID-19 pandemic, gathered Senior government officials, regulators, industry leaders, risk and compliance specialists and financial crime experts from across the world to discuss the latest trends in the fight against financial crime.
Hamid Al Zaabi, Director-General of the EO AML/CTF, stated, “Financial criminals exploit businesses and individuals to gain illegal proceeds, which leads to a breakdown of trust and negatively impacts economic prosperity.”
He added, “The UAE is a thriving international financial centre. Ideas, innovation, businesses and human capital all thrive within our borders. International investors see huge opportunity in our world-leading business and the great competitive edge our country boasts. To promote our country as an investment destination, we need a robust and stable economy that garners the trust of all international partners, which in turn demands continuous efforts to prevent illegal activities. This is why the Executive Office is working closely with private sector partners to combat financial crime”.
Nadim Najjar, Managing Director of LSEG, said, “Reliable data and insight from this summit will greatly help us roll out better corporate compliance programs, make informed decisions, and execute solid protection policies against all forms of financial crime.”
Ahmed Khalil, Chairman of the Board of Trustees of the Egyptian Money Laundering and Counter Terrorism Unit, explained, “Financial crimes are cross-border in nature. Addressing them requires effective cooperation and coordination at the local, regional and international levels, including establishing effective partnerships with the private sector and civil society to combat these offenses effectively. The FATF further confirms that in its methodology for evaluating technical compliance with FATF recommendations and effectiveness of AML/CFT regimes, which mentions the need for coordination and cooperation at the national level. It also encourages strengthening partnerships between the public and private sectors and civil society, as key partners in the integrity of the financial system; It also stressed the need for AML/CFT and counter proliferation financing authorities to cooperate with their counterparts in other countries”.
Dr. Wissam Fattouh, Secretary General of the Union of Arab Banks, asserted that banks and financial institutions still represent the main target for financial crime committers. He said, “With the continuous evolvement of banking services and products, and the increase complexity mainly in light of digitalisation and technological transformation, this provides more opportunities for perpetrators of financial crimes and illegal financial activities. Therefore, compliance is becoming one of the most challenging and complicated issues around the world, which made the banking sectors one of the most important battlefields against money laundering and terrorism financing”.
The agenda covered the latest developments in the UAE’s fight against financial crime, in addition to some of the most debated issues in AML/CFT today, including FATF updates and global regulatory developments, latest developments in global sanctions, public-private sector partnerships, virtual assets – opportunities and risks, and technology developments to fight financial crime.
Panel sessions featured leading figures from international organisations at the frontline of the fight against financial crime, including John Cusack, Chairman of the Global Coalition to Fight Financial Crime; Suliman Al-Jabrin, MENA FATF Executive Secretary; and Takahide Habuchi of the Japan Financial Service and FATF Policy Working Group, and Esteban Castano, CEO and Founder of TRM Labs, among others.