The Central Bank of the UAE and the Abu Dhabi Global Market (ADGM) have signed an agreement to cooperate on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) and related matters.

Both parties are committed to continuing their close cooperation through regular discussions on issues of mutual interest and coordinating AML/CFT training and technical assistance, a statement said.  

The MOU was signed by Abdulrahim Mohammed Al Awadhi, executive director of Anti-Money Laundering and Suspicious Cases Unit, Central Bank of the UAE and Richard Teng, chief executive officer of ADGM’s Financial Services Regulatory Authority.

The FSRA is responsible for regulating financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs) operating in ADGM to assure that they comply with the UAE AML/CFT Laws as well as ADGM AML/CFT regulations and rules.

“Signing of the MOU demonstrates the commitment of AMLSCU to share expertise and experience with its key domestic partners to coordinate the efforts on encountering money laundering, combating terrorist financing and related crimes, thereby strengthening the  UAE AML/CFT framework and countering reputational risks,” said Al Awadhi.

“At ADGM, we are committed to upholding a robust regulatory framework and to working closely with the Central Bank of the UAE and other international regulators to combat money laundering and other financial transgressions.  Close cooperation amongst fellow regulators are crucial as the world places a greater focus on preventing money laundering and terrorism financing” said Teng. – TradeArabia News Service