The Office of the Executive Against Money Laundering and Terrorism and the Office of the Controller of Import and Export Control Support Group have launched a national program to conduct a comprehensive assessment of the risks of funding augmentation in the United Arab Emirates. It started in the last few weeks and is expected to be completed by the end of 2022.
The Executive Office of the Committee on Import and Export Controlled Products will coordinate with government sector stakeholders and the private sector in the country to lead the project as a local authority to guide the implementation of targeted financial sanctions.
Assessing the risks of arms proliferation will enable the public and private sectors in the United Arab Emirates to implement new requirements to identify, evaluate and understand the risks of proliferation financing, with the aim of developing appropriate measures to control and reduce risk. Reduce them to an acceptable level.
Risk assessment covers all dimensions of how financial resources will be used in the development of nuclear, chemical or biological weapons, including the methods, technologies and dual-use materials used to carry out these activities. The assessment will also focus on the obligations of the private sector as specified in federal laws and regulations in the United Arab Emirates.
Commenting on the assessment, Director General of the Office for the Fighting Money Laundering and Terrorism Hamad Al Jabi said, “The United Arab Emirates strongly supports non-proliferation mechanisms and it plays a key role. Center for Trade and Investment. The comprehensive list of dangers posed by the United Arab Emirates’ financing demonstrates the efforts currently being made by the United Arab Emirates to meet the challenge. Contributes to raising awareness among the public and private sectors about the importance of these risks and globally. Encourages stakeholders to continuously improve monitoring and investigation procedures to limit financial activities for arms proliferation in the context of the economic and financial system.
For his part, Talal al-Tunaji, director of the executive office of the Committee on Import and Export Control, stressed the office’s role in guiding the project, collecting and analyzing information, preparing reports and setting up expert working groups. Includes necessary action plans at the legislative and technical levels to mitigate all threats and vulnerabilities and to finance the risks of drying up its resources.
He noted that the plan would provide an opportunity for all national authorities to highlight their efforts in combating such threats and their role in safeguarding the global financial system, adding that a national assessment of the risks of proliferation would be a cornerstone. In strengthening national cooperation at the level of supervisory authorities, law enforcement agencies and the office.
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