Sheikh Saud opens annual conference of National Anti- Money Laundering Committee

In his opening address, Sheikh Saud lauded the role of the UAE Central Bank in establishing the rules and regulations commensurate with best international practices for supervising the UAE banking sector and the steps taken by the NAMLC to enhance regulations relating to combating money laundering and terrorism financing.

He said that the UAE in its 35 years of history has been able to create a model where people from every nation can live peacefully with respect. "UAE aims to be a place where all religions and people from across the globe can prosper together," he said.

UAE Central Bank Governor, Sultan bin Nasser Al Suwaidi, said that the fourth meeting of the NAMLC has urged the member countries of FATF to support UAE's application to become a full member in FATF as UAE has fully met all international anti- money laundering (AML) and Combating Terrorism Financing (CFT) requirements. FATF is an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing.

He said that UAE has established the legal, organizational and supervisory frameworks to encounter all types of financial crime, including money laundering and terrorism financing, as per international standards issued by The Financial Action Task Force (FATF).

He reiterated that UAE aims to be the most cooperative country with the international community in its fight against money laundering and terrorism financing.

The meeting was attended by high level delegations from USA, UK, France, Italy and Spain, who presented papers regarding their experiences in implementing AML and CFT regulations. Experts from various UAE economic development departments, customs authority, free trade zone authorities also outlined the progress in the implementation of AML/CFT laws and regulations at the conference.

Patrick O' Brien, Assistant Secretary of the US Department of Treasury, said that one of the most important emerging issues for US and the global community is how to tackle the challenges posed by proliferation.

"Proliferators require to rely on international financial system even more than terrorist organizations because often proliferation is done under the guise of commercial activity."

He said that the UN Security Council has through its resolutions recognized the fact that addressing the financial network that support proliferation activity has a major role in the overall global anti- proliferation efforts.

He said that one major factor in creating the right atmosphere to attract investment and a business globally is to convey the message that the particular jurisdiction is a safe and clean place to do business. Commenting the role of NAMLC, he said, "The committee has contributed to create the environment needed to attract highest caliber of clients and businesses to the UAE."

Raman A Iyer, General Manager of Ras Al Khaimah Investment Authority (RAKIA), presented a paper on 'Ras Al Khaimah- Investors Paradise' at the conference in which he said that GDP of Ras Al Khaimah, which currently stood at USD 2.2 billion, would triple in the next six years due to the current economic reform initiative and owing to the renewed thrust on manufacturing and tourism sectors.

He said that RAKIA has been successful in attracting major global players in the manufacturing sector to the emirate and said that the two industrial zones of RAKIA have got fully occupied in the last one year alone.

James Perry, Head of Operations, Proceeds of Crime Department, UK, presented a paper on Risks faced by emerging markets and Peter Michael Schuster, General Manager (offshore), RAKIA, made a presentation on RAK Offshore Mission, Targets and Full Compliance with AML policies.